FINANCIAL INSTRUMENTS Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

The following table presents information about the fair value measurement of our assets and liabilities as of March 31, 2018 and December 31, 2017:



Financial Instruments Recorded at Fair Value on a Recurring Basis:	Fair Value Measurement Level	March 31, 2018		December 31, 2017
		(In millions)
Assets:
Investments — mutual and bond funds⁽¹⁾	1	2		2
Total assets:		$	2	$	2
Liabilities:
Derivative liability — energy hedges ⁽²⁾	2	$	—	$	5
Derivative liability — interest rate swaps included in liabilities held for sale	2	—		7
Total liabilities:		$	—	$	12


(1)	Included in other noncurrent assets in the condensed consolidated balance sheets.


(2)	The short-term balance is included in "accrued expenses and other current liabilities" and the long-term balance is included in "other liabilities" in the condensed consolidated balance sheets.

The following financial instruments are recorded at their carrying amount (in millions):



	As of March 31, 2018				As of December 31, 2017
Financial Instruments Recorded at Carrying Amount:	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Long-term debt	$	2,289	$	2,284	$	2,349	$	2,371
Project debt	$	165	$	168	$	174	$	179
Project debt included in liabilities held for sale	$	—	$	—	$	510	$	510