Financial instruments and fair value disclosures (Tables)

3 Months Ended

Mar. 31, 2020

Financial instruments and fair value disclosures

Summary of financial instruments measured at fair value in the accompanying consolidated balance sheets

	Recurring Fair Value Measurements of as of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Orbital receivables 1	$	—	$	405	$	—	$	405
Liabilities
Interest rate swaps	$	—	$	32	$	—	$	32
Long-term debt 2		—		2,234		—		2,234
	$	—	$	2,266	$	—	$	2,266

	Recurring Fair Value Measurements of as of December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Short-term investments	$	1	$	—	$	—	$	1
Orbital receivables1		—		425		—		425
	$	1	$	425	$	—	$	426
Liabilities
Interest rate swaps	$	—	$	18	$	—	$	18
Long-term debt 2		—		3,004		—		3,004
	$	—	$	3,022	$	—	$	3,022

1 The carrying value of Orbital receivables, net was $405 million and $425 million at March 31, 2020 and December 31, 2019, respectively.

2 Long-term debt excludes finance leases, deferred financing and other and is carried at amortized cost. The outstanding carrying value was $2,918 million and $2,906 million at March 31, 2020 and December 31, 2019, respectively.