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Fair Value Measurements and Disclosures (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Measurement information for assets and liabilities that are measured at fair value on a recurring basis was as follows: 
 
Fair Value Measurements Using
 
 
 
 
 
Quoted Prices in 
Active Markets
(Level 1) (1)
 
Significant Other
Observable Inputs
(Level 2) (2)
 
Significant
Unobservable
Inputs (Level 3) (3)
 
Adjustment (4)
 
Fair Value Measurement
(millions)
 
 
 
 
 
 
 
 
 
March 31, 2017
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
Mutual Fund Investments
$
74

 


 
$
—

 
$
—

 
$
74

Commodity Derivative Instruments
—

 
23

 
—

 
(9
)
 
14

Financial Liabilities
 

 
 

 
 

 
 

 
 

Commodity Derivative Instruments
—

 
(32
)
 
—

 
9

 
(23
)
Portion of Deferred Compensation Liability Measured at Fair Value
(89
)
 
—

 
—

 
—

 
(89
)
Stock Based Compensation Liability Measured at Fair Value
(10
)
 
—

 
—

 
—

 
(10
)
December 31, 2016
 
 
 
 
 
 
 

 
 

Financial Assets
 

 
 

 
 

 
 

 
 

Mutual Fund Investments
$
71

 
$
—

 
$
—

 
$
—

 
$
71

Commodity Derivative Instruments
—

 
5

 
—

 
(5
)
 
—

Financial Liabilities
 

 
 

 
 

 
 

 
 

Commodity Derivative Instruments
—

 
(121
)
 
—

 
5

 
(116
)
Portion of Deferred Compensation Liability Measured at Fair Value
(88
)
 
—

 
—

 
—

 
(88
)
Stock Based Compensation Liability Measured at Fair Value
(9
)
 
—

 
—

 
—

 
(9
)
(1) 
Level 1 measurements are fair value measurements which use quoted market prices (unadjusted) in active markets for identical assets or liabilities. We use Level 1 inputs when available as Level 1 inputs generally provide the most reliable evidence of fair value.
(2) 
Level 2 measurements are fair value measurements which use inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly.
(3) 
Level 3 measurements are fair value measurements which use unobservable inputs.
(4) 
Amount represents the impact of netting provisions within our master agreements that allow us to net cash settle asset and liability positions with the same counterparty.
Fair Value Measurements, Nonrecurring
three months ended March 31, 2017
Additional fair value disclosures
Fair value information regarding our debt is as follows:
 
March 31,
2017
 
December 31,
2016
(millions)
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Long-Term Debt, Net (1)
$
6,700

 
$
7,200

 
$
6,699

 
$
7,112

(1) 
Net of unamortized discount, premium and debt issuance costs and excludes capital lease and other obligations.