Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 by hierarchy level.



	March 31, 2020
(In millions)	Level 1		Level 2			Level 3		Total
Derivative instruments, assets
Commodity^(a)	$	29	$	146		$	—	$	175
Derivative instruments, assets	$	29	$	146		$	—	$	175
Derivative instruments, liabilities
Interest rate	$	—	$	(20	)	$	—	$	(20	)
Derivative instruments, liabilities	$	—	$	(20	)	$	—	$	(20	)
Total	$	29	$	126		$	—	$	155



	December 31, 2019
(In millions)	Level 1			Level 2		Level 3		Total
Derivative instruments, assets
Commodity^(a)	$	—		$	7	$	—	$	7
Interest rate	—			2		—		2
Derivative instruments, assets	$	—		$	9	$	—	$	9
Derivative instruments, liabilities
Commodity^(a)	$	(3	)	$	—	$	—	$	(3	)
Derivative instruments, liabilities	$	(3	)	$	—	$	—	$	(3	)
Total	$	(3	)	$	9	$	—	$	6


^(a)	Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 15.

Fair Value, by Balance Sheet Grouping

The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at March 31, 2020 and December 31, 2019.



	March 31, 2020				December 31, 2019
(In millions)	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Financial assets
Current assets	$	3	$	4	$	4	$	4
Other noncurrent assets	22		40		26		38
Total financial assets	$	25	$	44	$	30	$	42
Financial liabilities
Other current liabilities	$	42	$	95	$	62	$	90
Long-term debt, including current portion^(a)	3,992		5,529		6,174		5,529
Deferred credits and other liabilities	90		81		99		86
Total financial liabilities	$	4,124	$	5,705	$	6,335	$	5,705


^(a)	Excludes debt issuance costs.