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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Measurements, Recurring and Nonrecurring

The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Consolidated Condensed Balance Sheets at September 30, 2020 and December 31, 2019:


(In millions)	September 30, 2020
Assets:	Level 1		Level 2		Level 3		Total
Restricted cash and investments	$	8	$	3	$	50	$	61
Marketable securities	31		12		—		43
Total assets at fair value	$	39	$	15	$	50	$	104
Liabilities:
Other liabilities related to restricted investments	$	—	$	—	$	4	$	4
Derivative instruments - 5% Convertible Notes	—		575		—		575
Derivative instruments - interest rate swaps and FX forward	—		114		—		114

Total liabilities at fair value	$	—	$	689	$	4	$	693


	December 31, 2019
Assets:	Level 1		Level 2		Level 3		Total
Restricted cash and investments	$	11	$	2	$	29	$	42
Marketable securities	27		8		—		35
Total assets at fair value	$	38	$	10	$	29	$	77

Schedule of Change in Restricted Investments Valued Using Level 3 Inputs

The change in restricted cash and investments and liabilities valued using Level 3 inputs for the nine months ended September 30, 2020 is as follows:


(In millions)	Level 3 Investments		Level 3 Other Liabilities
Fair value of investment and liabilities at December 31, 2019	$	29	$	—
Value of additional investment received	5		2
Unrealized gain	16		2
Fair value at September 30, 2020	$	50	$	4

Schedule of Derivative Instruments

The major terms of the interest rate swap agreements as of September 30, 2020 are as follows:


Effective Date	Notional Amount (In millions)	Fixed Rate Paid	Variable Rate Received as of September 30, 2020	Maturity Date
12/31/2018	250	2.274%	0.156%	12/31/2022
12/31/2018	200	2.828%	0.156%	12/31/2022
12/31/2018	600	2.739%	0.156%	12/31/2022
1/1/2019	250	2.153%	0.156%	12/31/2020
1/1/2019	250	2.196%	0.156%	12/31/2021
1/1/2019	400	2.788%	0.156%	12/31/2021
1/1/2019	200	2.828%	0.156%	12/31/2022
1/2/2019	250	2.172%	0.156%	12/31/2020
1/2/2019	200	2.731%	0.156%	12/31/2020
1/2/2019	400	2.707%	0.156%	12/31/2021

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in AOCI by component, net of tax, for the period through September 30, 2020 are shown below.


(In millions)	Unrealized Net Gains on Derivative Instruments		Foreign Currency Translation Adjustments		Total
Balances as of December 31, 2019	$	—	$	—	$	—








Other comprehensive income before reclassifications	2		1		3
Amounts reclassified from accumulated other comprehensive income	12		—		12
Total other comprehensive income, net of tax	14		1		15
Balances as of September 30, 2020	$	14	$	1	$	15

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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