Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Estimated Fair Value of Financial Instruments, by Balance Sheet Grouping

The fair value of financial instruments has been estimated by the Company using available market information as of September 30, 2020 and December 31, 2019, and valuation methodologies considered appropriate. The estimates presented in the table below are not necessarily indicative of amounts the Company could realize in a current market exchange (in millions):

	September 30, 2020				December 31, 2019
	Carrying		Estimated Fair		Carrying		Estimated Fair
	Amount		Value		Amount		Value
Assets:
Cash and cash equivalents	$	1,823	$	1,823	$	216	$	216
Investments in equity securities		124		124		141		141
Available-for-sale debt securities		105		105		101		101
Trading securities		13		13		12		12
Liabilities:
5⅛% Senior Secured Notes due 2021		—		—		990		1,003
6⅞% Senior Notes due 2022		196		176		229		188
6¼% Senior Secured Notes due 2023		2,657		2,617		3,074		3,148
8⅝% Senior Secured Notes due 2024		1,025		1,028		1,023		1,099
6⅝% Senior Secured Notes due 2025		1,425		1,417		—		—
8% Senior Secured Notes due 2026		2,073		2,070		2,070		2,182
8% Senior Secured Notes due 2027		691		685		691		700
6⅞% Senior Notes due 2028		1,456		697		1,678		1,700
9⅞% Junior-Priority Secured Notes due 2023		1,757		1,402		1,754		1,539
8⅛% Junior-Priority Secured Notes due 2024		1,341		990		1,340		1,113
ABL Facility and other debt		17		17		285		285

Schedule of Pre-tax Gain (Loss) Recognized as a Component of Other Comprehensive Income

The following tabular disclosure provides the amount of pre-tax gain (loss) recognized as a component of OCI during the three and nine months ended September 30, 2020 and 2019 (in millions):

	Amount of Pre-Tax Gain (Loss) Recognized in OCI (Effective Portion)
Derivatives in Cash Flow Hedging	Three Months Ended September 30,				Nine Months Ended September 30,
Relationships	2020		2019		2020		2019
Interest rate swaps	$	—	$	—	$	—	$	(4	)

Schedule of Effective Portion of the Pre-tax Loss (Gain) Reclassified from AOCL into Interest Expense on the Consolidated Statements of Income

The following tabular disclosure provides the location of the effective portion of the pre-tax loss (gain) reclassified from accumulated other comprehensive loss (“AOCL”) into interest expense on the condensed consolidated statements of income (loss) during the three and nine months ended September 30, 2020 and 2019 (in millions):

	Amount of Pre-Tax Loss (Gain) Reclassified
	from AOCL into Income (Effective Portion)
Location of Loss (Gain) Reclassified from	Three Months Ended September 30,				Nine Months Ended September 30,
AOCL into Income (Effective Portion)	2020		2019		2020		2019
Interest expense, net	$	1	$	—	$	2	$	(1	)