Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis with Fair Value Hierarchy Levels

The following presents, for each of the fair value hierarchy levels, assets and liabilities that are measured and recorded at fair value on a recurring basis:

Description	Condensed Consolidated Balance Sheet Caption	September 30, 2016
		Total		Level 1		Level 2		Level 3
		(in millions)
Corporate debt securities	Cash and cash equivalents	$	346	$	—	$	346	$	—
Corporate debt securities	Current assets—other	6		—		6		—
Interest rate swaps	Current assets—other	1		—		1		—
Corporate debt securities	Investments and other assets—other	14		—		14		—
Interest rate swaps	Investments and other assets—other	55		—		55		—
Canadian equity securities	Investments and other assets—other	17		17		—		—
Total Assets		$	439	$	17	$	422	$	—

Description	Condensed Consolidated Balance Sheet Caption	December 31, 2015
		Total		Level 1		Level 2		Level 3
		(in millions)
Corporate debt securities	Cash and cash equivalents	$	137	$	—	$	137	$	—
Corporate debt securities	Current assets—other	20		—		20		—
Commodity derivatives	Current assets—other	36		—		—		36
Commodity derivatives	Investments and other assets—other	5		—		—		5
Corporate debt securities	Investments and other assets—other	11		—		11		—
Interest rate swaps	Investments and other assets—other	37		—		37		—
Total Assets		$	246	$	—	$	205	$	41

Changes in Level 3 Assets and Liabilities that are Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs

The following presents changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in millions)
Derivative assets (liabilities)
Fair value, beginning of period	$	(2	)	$	50		$	41		$	78
Total gains (losses):
Included in earnings	8			18			(7		)	27
Included in other comprehensive income	—			(4		)	1			(9		)
Purchases	—			(5		)	(1		)	(2		)
Settlements	(6		)	(6		)	(34		)	(41		)
Fair value, end of period	$	—		$	53		$	—		$	53
Unrealized gains (losses) relating to instruments held at the end of the period	$	—		$	5		$	—		$	(11	)

Fair Value of Financial Instruments Recorded and Carried at Book Value

The fair values of financial instruments that are recorded and carried at book value are summarized in the following table. Judgment is required in interpreting market data to develop the estimates of fair value. These estimates are not necessarily indicative of the amounts we could have realized in current markets.

	September 30, 2016				December 31, 2015
	Book Value		Approximate Fair Value		Book Value		Approximate Fair Value
	(in millions)
Note receivable, noncurrent (a)	$	71	$	71	$	71	$	71
Long-term debt, including current maturities (b)	13,563		15,031		13,567		13,891

__________

(a) Included within Investments in and Loans to Unconsolidated Affiliates.

(b) Excludes commercial paper, capital leases, unamortized items and fair value hedge carrying value adjustments.