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Fair Value Measurements and Disclosures (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Measurement information for assets and liabilities measured at fair value on a recurring basis is as follows: 
 
Fair Value Measurements Using
 
 
 
 
(millions)
Quoted Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Adjustment (1)
 
Fair Value Measurement
September 30, 2019
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
Mutual Fund Investments
$
42

 
$
—

 
$
—

 
$
—

 
$
42

Commodity Derivative Instruments
—

 
155

 
—

 
(40
)
 
115

Financial Liabilities:
 
 
 
 
 
 
 
 
 
Commodity Derivative Instruments
—

 
(53
)
 
—

 
40

 
(13
)
Portion of Deferred Compensation Liability Measured at Fair Value
(48
)
 
—

 
—

 
—

 
(48
)
Stock Based Compensation Liability Measured at Fair Value
(3
)
 
—

 
—

 
—

 
(3
)
December 31, 2018
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
Mutual Fund Investments
$
38

 
$
—

 
$
—

 
$
—

 
$
38

Commodity Derivative Instruments
—

 
187

 
—

 
(7
)
 
180

Financial Liabilities:
 
 
 
 
 
 
 
 
 
Commodity Derivative Instruments
—

 
(34
)
 
—

 
7

 
(27
)
Portion of Deferred Compensation Liability Measured at Fair Value
(43
)
 
—

 
—

 
—

 
(43
)
Stock Based Compensation Liability Measured at Fair Value
(8
)
 
—

 
—

 
—

 
(8
)
(1) 
Amount represents the impact of netting provisions within our master agreements allowing us to net cash settle asset and liability positions with the same counterparty.
Additional fair value disclosures
Fair value information regarding our debt is as follows:
 
September 30, 2019
 
December 31, 2018
(millions)
Carrying Amount
 
Fair Value (1)
 
Carrying Amount
 
Fair Value
Debt (2)
$
7,345

 
$
7,963

 
$
6,452

 
$
6,121


(1) 
As of September 30, 2019, the difference between the carrying amount and the fair value is primarily due to low US treasury rates.
(2) 
Represents total debt excluding finance lease obligations. See Note 7. Debt.