v3.20.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020

 

 

December 31, 2019

 

 

 

Fair Value

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Fair Value

 

 

Level I

 

 

Level II

 

 

Level III

 

Money market funds (cash and

   cash equivalents)

 

$

13,847

 

 

$

13,847

 

 

$

—

 

 

$

—

 

 

$

1,632

 

 

$

1,632

 

 

$

—

 

 

$

—

 

Interest rate swap assets

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Interest rate swap liabilities

 

 

58

 

 

 

—

 

 

 

58

 

 

 

—

 

 

 

(27

)

 

 

—

 

 

 

(27

)

 

 

—

 

Total

 

$

13,905

 

 

$

13,847

 

 

$

58

 

 

$

—

 

 

$

1,606

 

 

$

1,632

 

 

$

(26

)

 

$

—

 

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

 

 

December 31, 2020

 

 

December 31, 2019

 

 

 

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

 

$

554

 

 

$

—

 

 

$

58

 

 

$

821

 

 

$

1

 

 

$

27

 

 

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

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Gross losses

 

$

42

 

 

$

51

 

 

$

12

 

Gross gains

 

$

6

 

 

$

11

 

 

$

22

 

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

 

 

December 31, 2020

 

 

December 31, 2019

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Convertible Senior Notes

 

$

1,971

 

 

$

24,596

 

 

$

3,729

 

 

$

6,110

 

2025 Notes

 

$

1,785

 

 

$

1,877

 

 

$

1,782

 

 

$

1,748

 

Solar asset-backed notes

 

$

1,115

 

 

$

1,137

 

 

$

1,155

 

 

$

1,211

 

Solar loan-backed notes

 

$

146

 

 

$

152

 

 

$

175

 

 

$

189