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Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
 
Our assets and liabilities measured at fair value on a recurring basis consist solely of our derivative instruments. We monitor the creditworthiness of our counterparties, which are multinational commercial banks. The fair values of all our outstanding derivative instruments are determined using a model with Level 2 inputs including quoted market prices for contracts with similar terms and maturity dates. Our derivative activity is not material to our financial statements.

Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable and held-to-maturity investments. The estimated fair value of these financial instruments approximates their carrying values as reflected in our Condensed Consolidated Financial Statements. The fair value of our short-term and long-term borrowings are discussed in “Note 8 – Borrowings and Other Obligations.”
As of September 30, 2020 and December 31, 2019, we had $25 million and $50 million, respectively, of held-to-maturity Angolan government bonds. During the nine months ended September 30, 2020, we received proceeds of $25 million from the maturity of a portion of our Angolan government bonds. The carrying value of these bonds approximated their fair value as of September 30, 2020 and December 31, 2019, respectively.