Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

The following table shows the fair value of our financial assets and financial liabilities that are required to be measured at fair value as of the date shown:

Estimated Fair Value

(In millions)	Balance		Level 1		Level 2		Level 3
March 31, 2020
Assets
Government bonds	$	4	$	—	$	4	$	—
Total assets at fair value	$	4	$	—	$	4	$	—
Liabilities
Derivative instruments - interest rate swaps	$	134	$	—	$	134	$	—
Derivative instruments - CEC Convertible Notes	308		—		308		—
Disputed claims liability	30		—		30		—
Total liabilities at fair value	$	472	$	—	$	472	$	—

December 31, 2019
Assets
Government bonds	$	13	$	—	$	13	$	—
Total assets at fair value	$	13	$	—	$	13	$	—
Liabilities
Derivative instruments - interest rate swaps	$	69	$	—	$	69	$	—
Derivative instruments - CEC Convertible Notes	944		—		944		—
Disputed claims liability	51		—		51		—
Total liabilities at fair value	$	1,064	$	—	$	1,064	$	—

Schedule of major terms of interest rate swap agreements

The major terms of the interest rate swap agreements as of March 31, 2020 are as follows:



Effective Date	Notional Amount (In millions)	Fixed Rate Paid	Variable Rate Received as of March 31, 2020	Maturity Date
12/31/2018	250	2.274%	1.603%	12/31/2022
12/31/2018	200	2.828%	1.603%	12/31/2022
12/31/2018	600	2.739%	1.603%	12/31/2022
1/1/2019	250	2.153%	1.603%	12/31/2020
1/1/2019	250	2.196%	1.603%	12/31/2021
1/1/2019	400	2.788%	1.603%	12/31/2021
1/1/2019	200	2.828%	1.603%	12/31/2022
1/2/2019	250	2.172%	1.603%	12/31/2020
1/2/2019	200	2.731%	1.603%	12/31/2020
1/2/2019	400	2.707%	1.603%	12/31/2021

Schedule of accumulated other comprehensive income (loss)

Accumulated Other Comprehensive Income/(Loss)

The changes in AOCI by component, net of tax, for the quarterly periods through March 31, 2020 and 2019 are shown below.



(In millions)	Unrealized Net Gains/(Losses) on Derivative Instruments			Foreign Currency Translation Adjustments			Other			Total
Balances as of December 31, 2019	$	(54	)	$	(7	)	$	—		$	(61	)
Other comprehensive loss before reclassifications	(59		)	(14		)	—			(73		)
Amounts reclassified from accumulated other comprehensive loss	7			—			—			7
Total other comprehensive loss, net of tax	(52		)	(14		)	—			(66		)
Balances as of March 31, 2020	$	(106	)	$	(21	)	$	—		$	(127	)

Balances as of December 31, 2018	$	(13	)	$	(9	)	$	(2	)	$	(24	)
Other comprehensive income/(loss) before reclassifications	(17		)	2			2			(13		)
Total other comprehensive income/(loss), net of tax	(17		)	2			2			(13		)
Balances as of March 31, 2019	$	(30	)	$	(7	)	$	—		$	(37	)