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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Measurements [Abstract]  
Carrying Amount And Estimated Fair Values Of Financial Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

December 31, 2013

 

Carrying

 

Fair

 

Carrying

 

Fair

 

Amount

 

Value

 

Amount

 

Value

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

53 

 

$

53 

 

$

23 

 

$

23 

Credit facility

$

300 

 

$

300 

 

$

283 

 

$

283 

Term loan facility

$

500 

 

$

500 

 

$

–  

 

$

–  

Bridge facility

$

4,500 

 

$

4,500 

 

$

–  

 

$

–  

Senior notes

$

1,667 

 

$

1,751 

 

$

1,668 

 

$

1,796 

Derivative instruments, net

$

316 

 

$

316 

 

$

38 

 

$

38 

 

Summary Assets And Liabilities Measured At Fair Value On Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

 

 

Quoted Prices

 

Significant

 

 

 

 

 

 

 

 

in Active

 

Other

 

Significant

 

 

 

 

 

Markets

 

Observable Inputs

 

Unobservable Inputs

 

Assets (Liabilities)

 

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

at Fair Value

Derivative assets

 

$

–  

 

$

329 

 

$

10 

 

$

339 

Derivative liabilities

 

 

–  

 

 

(5)

 

 

(18)

 

 

(23)

Total

 

$

–  

 

$

324 

 

$

(8)

 

$

316 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

 

 

Quoted Prices

 

Significant

 

 

 

 

 

 

 

 

in Active

 

Other

 

Significant

 

 

 

 

 

Markets

 

Observable Inputs

 

Unobservable Inputs

 

Assets (Liabilities)

 

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

at Fair Value

Derivative assets

 

$

–  

 

$

66 

 

$

13 

 

$

79 

Derivative liabilities

 

 

–  

 

 

(9)

 

 

(32)

 

 

(41)

Total

 

$

–  

 

$

57 

 

$

(19)

 

$

38 

 

Reconciliations For Change In Net Fair Value Of Derivative Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)

 

 

 

 

 

 

 

 

 

For the years ended

 

 

December 31,

 

 

2014

 

2013

 

 

(in millions)

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(19)

 

$

– 

Total gains (losses):

 

 

 

 

 

 

Included in earnings

 

 

23 

 

 

(14)

Included in other comprehensive income

 

 

 – 

 

 

 – 

Purchases, issuances, and settlements:

 

 

 

 

 

 

Purchases

 

 

– 

 

 

 – 

Issuances

 

 

– 

 

 

 – 

Settlements

 

 

(12)

 

 

(5)

Transfers into/out of Level 3

 

 

 – 

 

 

 – 

Balance at end of period

 

$

(8)

 

$

(19)

Change in gains (losses) included in earnings relating to derivatives still held as of December 31

 

$

11 

 

$

(19)