Foreign Currency Exchange Rate Derivatives—The notional value of our outstanding foreign exchange rate derivative contracts totaled $852 million as of September 30, 2019, with maturities extending through September 2023. These instruments consist of contracts to purchase or sell foreign-denominated currencies. As of September 30, 2019, the fair value of these contracts was in a net liability position totaling approximately $27 million. The fair value of outstanding derivative instruments is determined using observable financial market inputs, such as quoted market prices, and is classified as Level 2 in nature.

As of September 30, 2019, we have approximately $29 million of unrealized net losses in AOCI in connection with foreign exchange rate derivatives designated as cash flow hedges, and we expect to reclassify approximately $16 million of deferred losses out of AOCI by September 30, 2020, as hedged items are recognized in earnings.

Interest Rate Derivatives—On May 8, 2018, we entered into a U.S. dollar interest rate swap arrangement to mitigate exposure associated with cash flow variability on the Term Facility in an aggregate notional value of $1.94 billion. The swap arrangement has been designated as a cash flow hedge. Accordingly, changes in the fair value of the swap arrangement are included in AOCI until the associated underlying exposure impacts our interest expense. As of September 30, 2019, the fair value of the swap arrangement was in a net liability position totaling approximately $79 million. The fair value of outstanding derivative instruments is determined using observable financial market inputs, such as quoted market prices, and is classified as Level 2 in nature.

Subsequent to September 30, 2019, in light of the circumstances described in Note 2, Basis of Presentation and Significant Accounting Policies, we have considered our hedge accounting on the interest rate swap arrangement. Based on the substantial doubt in our ability to continue as a going concern, subsequent to September 30, 2019 we no longer consider it probable that our hedged forecasted cash flows will occur, and, therefore, our hedge accounting under ASC 815, Derivatives and Hedging, has ceased on a prospective basis.

As of September 30, 2019, in connection with the interest rate swap arrangement, we have approximately $79 million of unrealized net losses in AOCI, and we expect to reclassify approximately $23 million of deferred losses out of AOCI by September 30, 2020, as the hedged items are recognized in earnings.

The following table presents the total fair value of the derivatives by underlying risk and balance sheet classification:

	September 30, 2019				December 31, 2018
	Derivatives designated as cash flow hedges		Derivatives not designated as cash flow hedges		Derivatives designated as cash flow hedges		Derivatives not designated as cash flow hedges
	(In millions)
Other current assets	$	2	$	1	$	3	$	3
Other non-current assets		-		1		-		-
Total derivatives asset	$	2	$	2	$	3	$	3

Accrued liabilities	$	41	$	2	$	10	$	3
Other non-current liabilities		66		1		32		-
Total derivatives liability	$	107	$	3	$	42	$	3

The following table presents the total value, by underlying risk, recognized in other comprehensive income and reclassified from AOCI to our Statements of Operations, in connection with derivatives:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
	(In millions)						(In millions)
Amount of gain (loss) recognized in other comprehensive income (loss)
Foreign exchange hedges	$	(25	)	$	(11	)	$	(29	)	$	(16	)
Interest rate hedges		(9	)		10			(52	)		-
Gain (loss) recognized on derivatives designated as cash flow hedges
Foreign exchange hedges
Revenue		(2	)		-			(7	)		-
Cost of operations		(3	)		(2	)		(2	)		(2	)
Interest rate hedges
Interest expense		(1	)		(1	)		(4	)		(1	)
Gain (loss) recognized on derivatives not designated as cash flow hedges
Foreign exchange hedges
Revenue		-			-			2			-
Cost of operations		-			(2	)		-			(12	)