Financial instruments and fair value disclosures (Tables)

3 Months Ended

Mar. 31, 2021

Financial instruments and fair value disclosures

Summary of financial instruments measured at fair value

	Recurring Fair Value Measurements of as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Liabilities
Interest rate swaps	$	—	$	14	$	—	$	14
Long-term debt1		—		2,157		—		2,157
	$	—	$	2,171	$	—	$	2,171

	Recurring Fair Value Measurements of as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities
Interest rate swaps	$	—	$	20	$	—	$	20
Long-term debt1		—		2,556		—		2,556
	$	—	$	2,576	$	—	$	2,576

¹ Long-term debt excludes finance leases, borrowings under the Revolving Credit Facility, deferred financing and other and is carried at amortized cost. The outstanding carrying value was $2,047 million and $2,387 million at March 31, 2021 and December 31, 2020, respectively. The carrying value of borrowings under the Revolving Credit Facility approximates their fair value.