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FINANCIAL INSTRUMENTS Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Measurements of Assets and Liabilities

The following table presents information about the fair value measurement of our assets and liabilities as of March 31, 2019 and December 31, 2018 (in millions):



Financial Instruments Recorded at Fair Value on a Recurring Basis:	Fair Value Measurement Level	March 31, 2019		December 31, 2018
Assets:
Investments — mutual and bond funds⁽¹⁾	1	$	2	$	2
Total assets		$	2	$	2
Liabilities:
Derivative liability — energy hedges ⁽²⁾	2	$	5	$	13
Total liabilities		$	5	$	13


(1)	Included in Other 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, 2019				As of December 31, 2018
Financial Instruments Recorded at Carrying Amount:	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Long-term debt	$	2,408	$	2,434	$	2,342	$	2,245
Project debt	$	141	$	145	$	152	$	154