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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Assets and Liabilities Accounted for at Fair Value on Recurring Basis

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables.

	March 31, 2017
	Fair Value Hierarchy
(In millions)	Level 1				Level 2				Level 3				Netting and Collateral(a)				Net Carrying Value on Balance Sheet(b)				Collateral Pledged Not Offset
Commodity derivative instruments, assets	$	390			$	—			$	2			$	(391	)		$	1			$	78
Other assets	2				—				—				N/A				2				—
Total assets at fair value	$	392			$	—			$	2			$	(391	)		$	3			$	78
Commodity derivative instruments, liabilities(c)	$	416			$	—			$	2			$	(419	)		$	(1	)		$	—
Embedded derivatives in commodity contracts(c)	—				—				44				—				44				—
Contingent consideration, liability(d)	—				—				131				N/A				131				—
Total liabilities at fair value	$	416			$	—			$	177			$	(419	)		$	174			$	—

	December 31, 2016
	Fair Value Hierarchy
(In millions)	Level 1				Level 2				Level 3				Netting and Collateral(a)				Net Carrying Value on Balance Sheet(b)				Collateral Pledged Not Offset
Commodity derivative instruments, assets	$	688			$	—			$	—			$	(688	)		$	—			$	126
Other assets	2				—				—				N/A				2				—
Total assets at fair value	$	690			$	—			$	—			$	(688	)		$	2			$	126
Commodity derivative instruments, liabilities	$	712			$	—			$	6			$	(712	)		$	6			$	—
Embedded derivatives in commodity contracts(c)	—				—				54				—				54				—
Contingent consideration, liability(d)	—				—				130				N/A				130				—
Total liabilities at fair value	$	712			$	—			$	190			$	(712	)		$	190			$	—

^(a)  Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of March 31, 2017, cash collateral of $28 million was netted with the mark-to-market derivative liabilities. As of December 31, 2016, $24 million was netted with mark-to-market derivative liabilities.

^(b)  We have no derivative contracts which are subject to master netting arrangements reflected gross on the balance sheet.

^(c)  Level 3 includes $6 million and $13 million classified as current at March 31, 2017 and December 31, 2016, respectively.

^(d)  Includes $131 million and $130 million classified as current at March 31, 2017 and December 31, 2016, respectively.

Reconciliation of Net Beginning and Ending Balances Recorded for Net Assets and Liabilities Classified as Level 3

The following is a reconciliation of the beginning and ending balances recorded for liabilities classified as Level 3 in the fair value hierarchy.

	Three Months Ended   March 31,
(In millions)	2017				2016
Beginning balance	$	190			$	342
Unrealized and realized (gains) losses included in net income	(12		)		12
Settlements of derivative instruments	(3		)		4
Ending balance	$	175			$	358
The amount of total (gains) losses for the period included in earnings attributable to the change in unrealized (gains) losses relating to assets still held at the end of period:
Derivative instruments	$	(13	)		$	5
Contingent consideration agreement	1				7
Total	$	(12	)		$	12

Fair Value Measurements, Nonrecurring

The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition.

	Three Months Ended March 31,
	2017								2016
(In millions)	Fair Value				Impairment				Fair Value				Impairment
Goodwill	$	—			$	—			$	—			$	129

Financial Instruments at Fair Value, Excluding Derivative Financial Instruments and Contingent Consideration

The following table summarizes financial instruments on the basis of their nature, characteristics and risk at March 31, 2017 and December 31, 2016, excluding the derivative financial instruments and contingent consideration reported above.

	March 31, 2017								December 31, 2016
(In millions)	Fair Value				Carrying Value				Fair Value				Carrying Value
Financial assets:
Investments	$	22			$	2			$	25			$	2
Other	22				22				21				21
Total financial assets	$	44			$	24			$	46			$	23
Financial liabilities:
Long-term debt(a)	$	13,114			$	12,350			$	10,892			$	10,297
Deferred credits and other liabilities	122				110				121				109
Total financial liabilities	$	13,236			$	12,460			$	11,013			$	10,406

^(a)  Excludes capital leases and debt issuance costs, however, includes amount classified as debt due within one year.

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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