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Long-Term Debt
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Long-Term Debt LONG-TERM DEBT

Fair Value of Debt

Market risk associated with our fixed- and variable-rate long-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Long-term debt is primarily classified as Level 2 within the fair value hierarchy.
(in millions)
March 31,
2018
December 31,
2017
Total debt at par value
$
8,326

$
8,539

Unamortized discount and debt issue cost, net
(92
)
(99
)
Net carrying amount
$
8,234

$
8,440

 
 
 
Fair value
$
8,400

$
8,700



Covenants

We were in compliance with the covenants in our financings at March 31, 2018.