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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2016
Estimated Fair Values and Carrying Values of Long-Term Debt
The estimated fair values and carrying values of our long-term debt consisted of the following:
 
JUNE 30,
2016
DECEMBER 31,
2015
DOLLAR AMOUNTS IN MILLIONS
CARRYING 
VALUE
 
FAIR VALUE
(LEVEL 2)
 
CARRYING 
VALUE
 
FAIR VALUE
(LEVEL 2)
Long-term Debt – fixed rate
$
6,066

 
$
7,184

 
$
4,238

 
$
4,967

Long-term Debt – variable rate
1,947

 
1,950

 
549

 
550

Note Payable to Timberland Venture
830

 
845

 
—

 
—

Total Debt
$
8,843

 
$
9,979

 
$
4,787

 
$
5,517