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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Estimated carrying amounts and fair values
The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows:
 
As of December 31, 2019
 
As of December 31, 2018
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
 
(In millions)
Liabilities:
 
 
 
 
 
 
 
Long-term debt, including current portion (a)
$
6,858

 
$
6,957

 
$
6,043

 
$
5,943


 
(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets.
Level within fair value hierarchy The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of December 31, 2019 and 2018:
 
As of December 31, 2019
 
As of December 31, 2018
 
Level 2
 
Level 3
 
Level 2
 
Level 3
 
(In millions)
Long-term debt, including current portion
$
1,736

 
$
5,221

 
$
1,620

 
$
4,323

Assets and liabilities measured and recorded at fair value The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:
 
As of December 31, 2019
 
As of December 31, 2019
 
As of December 31, 2018
 
Fair Value (a)
 
Fair Value (a)
 
Fair Value (a)
(In millions)
Level 2
 
Level 3
 
Level 2
Derivative assets:
 
 
 
 
 
Interest rate contracts

 

 
11

Total assets
$

 
$

 
$
11

Derivative liabilities:
 
 
 
 
 
Commodity contracts (b)
$

 
$
9

 
$

Interest rate contracts
83

 

 
21

Total liabilities
$
83

 
$
9

 
$
21

 

(a) There were no derivative assets or liabilities classified as Level 1 December 31, 2019 and 2018.
The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the condensed consolidated financial statements using significant unobservable inputs:
 
 
Twelve months ended December 31,
 
 
2019
 
2018
(In millions)
 
Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance
 
$

 
$

Total losses for the period included in earnings
 
(3
)
 

Purchases
 
(6
)
 

Ending balance
 
$
(9
)
 
$


The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of December 31, 2019:

 
December 31, 2019
 
Fair Value
 
Input/Range
 
Assets
Liabilities
Valuation Technique
Significant Unobservable Input
Low
High
Weighted Average
(In millions)
 
 
 
 
 
 
 
Power Contracts
$

(9
)
Discounted Cash Flow
Forward Market Price (per MWh)
5

33

12

The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2019:
Significant Observable Input
Position
Change In Input
Impact on Fair Value Measurement
Forward Market Price Power
Buy
Increase/(Decrease)
Higher/(Lower)
Forward Market Price Power
Sell
Increase/(Decrease)
Lower/(Higher)