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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2015
FAIR VALUE MEASUREMENTS  
Assets and liabilities accounted for at fair value on a recurring basis

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2015 and 2014 (in millions):

 

 

 

December 31, 2015

 

 

 

Level 1

 

Level 2

 

Level 3

 

Collateral

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative instruments, other current assets

 

$

 

$

87

 

$

 

$

 

$

87

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative instruments, accrued liabilities

 

$

 

$

(1)

 

$

 

$

 

$

(1)

 

 

 

 

December 31, 2014

 

 

 

Level 1

 

Level 2

 

Level 3

 

Collateral

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Commodity derivative instruments, other current assets

 

$

 

$

24

 

$

 

$

 

$

24