Selling Expense

13 | Notes to Condensed Consolidated Financial Statements—(Continued) | September 30, 2022 and 2021The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of September 30, 2022 (in millions, except range amounts):

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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| Type of Derivative |  | Fair Value |  | Unobservable Input |  | Amount or Range (Weighted Average) |
| Interest rate |  | $ | (1) |  |  | Subsidiaries’ credit spreads |  | 1% - 2.2% (2.1%) |
|  |  |  |  |  |  |  |
| Foreign currency: |  |  |  |  |  |  |
| Argentine peso |  | 70  |  |  | Argentine peso to U.S. dollar currency exchange rate after one year |  | 272 - 748 (498) |
|  |  |  |  |  |  |  |
| Commodity: |  |  |  |  |  |  |
| Other |  | 2  |  |  |  |  |  |
| Total |  | $ | 71  |  |  |  |  |  |

 For interest rate derivatives and foreign currency derivatives, increases (decreases) in the estimates of the Company’s own credit spreads would decrease (increase) the value of the derivatives in a liability position. For foreign currency derivatives, increases (decreases) in the estimate of the above exchange rate would increase (decrease) the value of the derivative.Nonrecurring MeasurementsThe Company measures fair value using the applicable fair value measurement guidance. Impairment expense, shown as pre-tax loss below, is measured by comparing the fair value at the evaluation date to the then-latest available carrying amount and is included in Asset impairment expense or Other non-operating expense, as applicable, on the Condensed Consolidated Statements of Operations. The following table summarizes our major categories of assets measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions).

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|  | Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pre-tax Loss |
| Nine Months Ended September 30, 2022 |  | Level 1 |  | Level 2 |  | Level 3 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
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| Long-lived assets held and used:  |  |  |  |  |  |  |  |  |  |  |  |
| Maritza | 4/30/2022 |  | $ | 920  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 452  |  |  | $ | 468  |  |
| Held-for-sale businesses: (2) |  |  |  |  |  |  |  |  |  |  |  |
| Jordan (3) | 9/30/2022 |  | $ | 216  |  |  | $ | —  |  |  | $ | 170  |  |  | $ | —  |  |  | $ | 51  |  |
|  | Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pre-tax Loss |
| Nine Months Ended September 30, 2021 |  | Level 1 |  | Level 2 |  | Level 3 |  |
| Long-lived assets held and used: |  |  |  |  |  |  |  |  |  |  |  |
| Puerto Rico | 3/31/2021 |  | $ | 548  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 73  |  |  | $ | 475  |  |
| Mountain View I & II | 4/30/2021 |  | 78  |  |  | —  |  |  | —  |  |  | 11  |  |  | 67  |  |
| Ventanas 3 & 4 | 6/30/2021 |  | 661  |  |  | —  |  |  | —  |  |  | 12  |  |  | 649  |  |
| Angamos | 6/30/2021 |  | 241  |  |  | —  |  |  | —  |  |  | 86  |  |  | 155  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Dispositions: (2) |  |  |  |  |  |  |  |  |  |  |  |
| Estrella del Mar I | 9/30/2021 |  | $ | 17  |  |  | $ | —  |  |  | $ | 6  |  |  | $ | —  |  |  | $ | 11  |  |
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\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(1)Represents the carrying values at the dates of measurement, before fair value adjustment.(2)See Note 17 — Held-for-Sale and Dispositions for further information.(3)The Jordan disposal group was written down to it’s fair value of $170 million. The resulting pre-tax loss of $51 million includes costs to sell of $5 million.The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets held and used measured on a nonrecurring basis during the nine months ended September 30, 2022 (in millions, except range amounts):

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
| Long-lived assets held and used: |  |  |  |  |  |  |  |
| Maritza | $ | 452  |  |  | Discounted cash flow |  | Annual revenue growth |  | (66)% to 11% (-11%) |
|  |  |  |  |  | Annual variable margin |  | (66)% to 23% (-1%) |
|  |  |  |  |  | Weighted-average cost of capital |  | 20% to 25% (21%) |
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|  |  |  |  |  |  |  |  |
| Total | $ | 452  |  |  |  |  |  |  |  |

Financial Instruments not Measured at Fair Value in the Condensed Consolidated Balance SheetsThe following table presents (in millions) the carrying amount, fair value, and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed:  

