Financial instruments and fair value disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Financial instruments and fair value disclosures

Summary of financial instruments measured at fair value

	Recurring Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Orbital receivables 1	$	—	$	469	$	—	$	469
Interest rate swaps		—		10		—		10
	$	—	$	479	$	—	$	479
Liabilities
Interest rate swaps	$	—	$	1	$	—	$	1
Long-term debt 2		—		2,114		—		2,114
	$	—	$	2,115	$	—	$	2,115

	Recurring Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Orbital receivables 1	$	—	$	481	$	—	$	481
Interest rate swaps		—		3		—		3
	$	—	$	484	$	—	$	484
Liabilities
Interest rate swaps	$	—	$	4	$	—	$	4
Long-term debt 2		—		2,132		—		2,132
	$	—	$	2,136	$	—	$	2,136

¹ The carrying value of orbital receivables was $407 million and $417 million as of March 31, 2022 and December 31, 2021, respectively.

² 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 $2,058 million and $2,055 million as of March 31, 2022 and December 31, 2021, respectively. The carrying value of borrowings under the Revolving Credit Facility approximates their fair value.