Foreign Currency Exchange Rate Derivatives—The notional value of our outstanding foreign exchange rate derivative contracts totaled $664 million as of December 31, 2019, with maturities extending through September 2023. These instruments consist of contracts to purchase or sell foreign-denominated currencies. As of December 31, 2019, the fair value of these contracts was in a net liability position totaling approximately $9 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 December 31, 2019, we deferred approximately $12 million of net losses in AOCI in connection with foreign exchange rate derivatives designated as cash flow hedges, and we expect to reclassify approximately $6 million of deferred losses out of AOCI by December 31, 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 was designated as a cash flow hedge at inception and through September 30, 2019. Accordingly, changes in the fair value of the swap arrangement were previously deferred in AOCI until the associated underlying exposure impacts our interest expense. As of December 31, 2019, the fair value of the swap arrangement was in a net liability position totaling approximately $67 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 December 31, 2019, in light of the circumstances described in Note 2, Basis of Presentation and Significant Accounting Policies, we believe that our hedged forecasted transaction is no longer probable to occur, and as such, our hedge accounting has ceased and our previously deferred unrealized losses in AOCI of approximately $67 million have been reclassified into interest expense in our Statement of Operations for the year ended December 31, 2019.

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

	December 31, 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	$	3	$	1	$	3	$	3
Other non-current assets		1		-		-		-
Total derivatives asset	$	4	$	1	$	3	$	3

Accrued liabilities	$	10	$	68	$	10	$	3
Other non-current liabilities		2		-		32		-
Total derivatives liability	$	12	$	68	$	42	$	3

The following table presents the total value, by underlying risk, recognized in other comprehensive income and reclassified from AOCI to Cost of operations (foreign currency derivatives) and Interest expense, net (interest rate derivatives) in the Statements of Operations for the years ended December 31, 2019, 2018 and 2017:

	Year ended December 31,
	2019			2018			2017
	(In millions)
Amount of (loss) gain recognized in other comprehensive income (loss)
Foreign exchange hedges	$	(13	)	$	(14	)	$	16
Interest rate hedges		(44	)		(32	)		-
Gain (loss) recognized on derivatives designated as cash flow hedges
Foreign exchange hedges
Revenue		8			-			-
Cost of operations		2			7			5
Interest rate hedges
Interest expense		8			1			-
Loss recognized on derivatives not designated as cash flow hedges
Foreign exchange hedges
Revenue		(2	)		-			-
Cost of operations		(1	)		(14	)		-
Interest rate hedges
Interest expense		67			-			-