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Fair Value Measurements, Including Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Liabilities Measured at Fair Value on Recurring Basis

The following table presents DESC’s liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:

	Level 1		Level 2		Level 3		Total
(millions)
At December 31, 2020
Liabilities
Interest rate	$	—	$	27	$	—	$	27
Total liabilities	$	—	$	27	$	—	$	27
At December 31, 2019
Liabilities
Interest rate	$	—	$	19	$	—	$	19
Total liabilities	$	—	$	19	$	—	$	19

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

For financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:

At December 31,	2020				2019
(millions)	Carrying Amount		Estimated Fair Value⁽¹⁾		Carrying Amount		Estimated Fair Value⁽¹⁾
Long-term debt⁽²⁾	$	3,360	$	4,748	$	3,358	$	4,262
Affiliated long-term debt		230		230		230		230

(1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.

(2) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium.