Financial instruments and fair value disclosures (Tables)

6 Months Ended

Jun. 30, 2020

Financial instruments and fair value disclosures

Summary of financial instruments measured at fair value

	Recurring Fair Value Measurements of as of June 30, 2020
	Level 1		Level 2		Level 3		Total
Assets
Orbital receivables, net 1	$	—	$	398	$	—	$	398
Liabilities
Interest rate swaps	$	—	$	31	$	—	$	31
Long-term debt 2		—		2,218		—		2,218
	$	—	$	2,249	$	—	$	2,249

	Recurring Fair Value Measurements of as of December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Short-term investments	$	1	$	—	$	—	$	1
Orbital receivables, net 1		—		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 $398 million and $425 million at June 30, 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 $2,381 million and $2,906 million at June 30, 2020 and December 31, 2019, respectively.