v3.19.3.a.u2
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):

 

 

 

December 31, 2019

 

 

December 31, 2018

 

 

 

Fair Value

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Fair Value

 

 

Level I

 

 

Level II

 

 

Level III

 

Money market funds (cash and

   cash equivalents &

   restricted cash)

 

$

1,632

 

 

$

1,632

 

 

$

—

 

 

$

—

 

 

$

1,813

 

 

$

1,813

 

 

$

—

 

 

$

—

 

Interest rate swap asset

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

12

 

 

 

—

 

 

 

12

 

 

 

—

 

Interest rate swap liability

 

 

(27

)

 

 

—

 

 

 

(27

)

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

—

 

Total

 

$

1,606

 

 

$

1,632

 

 

$

(26

)

 

$

—

 

 

$

1,824

 

 

$

1,813

 

 

$

11

 

 

$

—

 

 
Schedule of Interest Rate Swaps Outstanding Our interest rate swaps outstanding were as follows (in millions):

 

 

December 31, 2019

 

 

December 31, 2018

 

 

 

Aggregate Notional

Amount

 

 

Gross Asset at

Fair Value

 

 

Gross Liability at

Fair Value

 

 

Aggregate Notional

Amount

 

 

Gross Asset at

Fair Value

 

 

Gross Liability at

Fair Value

 

Interest rate swaps

 

$

821

 

 

$

1

 

 

$

27

 

 

$

800

 

 

$

12

 

 

$

1

 

 

Our interest rate swaps activity was as follows (in millions):

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Gross gains

 

$

11

 

 

$

22

 

 

$

7

 

Gross losses

 

$

51

 

 

$

12

 

 

$

13

 

 
Schedule of Estimated Fair Values and Carrying Values The following table presents the estimated fair values and the carrying values (in millions):

 

 

 

December 31, 2019

 

 

December 31, 2018

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Convertible Senior Notes

 

$

3,686

 

 

$

6,067

 

 

$

3,661

 

 

$

4,347

 

5.30% Senior Notes due in 2025

 

$

1,782

 

 

$

1,748

 

 

$

1,779

 

 

$

1,575

 

Solar asset-backed notes

 

$

1,155

 

 

$

1,211

 

 

$

1,183

 

 

$

1,207

 

Solar loan-backed notes

 

$

175

 

 

$

189

 

 

$

203

 

 

$

212