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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Measurements [Abstract]  
Carrying Amount And Estimated Fair Values Of Financial Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

December 31, 2014

 

Carrying

 

Fair

 

Carrying

 

Fair

 

Amount

 

Value

 

Amount

 

Value

 

(in millions)

Cash and cash equivalents

$

15 

 

$

15 

 

$

53 

 

$

53 

Credit facility

 

116 

 

 

116 

 

 

300 

 

 

300 

Term loan facility

 

750 

 

 

750 

 

 

500 

 

 

500 

Bridge facility

 

– 

 

 

– 

 

 

4,500 

 

 

4,500 

Senior notes

 

3,863 

 

 

2,672 

 

 

1,667 

 

 

1,751 

Derivative instruments, net

 

(2)

 

 

(2)

 

 

316 

 

 

316 

 

Summary Assets And Liabilities Measured At Fair Value On Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

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

Fixed price swap assets

 

$

–  

 

$

–  

 

$

–  

 

$

–  

Interest rate swap assets

 

 

–  

 

 

–  

 

 

–  

 

 

–  

Basis swap assets

 

 

–  

 

 

–  

 

 

 

 

Interest rate swap liabilities

 

 

–  

 

 

(5)

 

 

–  

 

 

(5)

Basis swap liabilities

 

 

–  

 

 

–  

 

 

–  

 

 

–  

Fixed price call option liabilities

 

 

–  

 

 

–  

 

 

–  

 

 

–  

Total

 

$

–  

 

$

(5)

 

$

 

$

(2)

 

 

 

 

 

 

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

Fixed price swap assets

 

$

–  

 

$

328 

 

$

–  

 

$

328 

Interest rate swap assets

 

 

–  

 

 

 

 

–  

 

 

Basis swap assets

 

 

–  

 

 

–  

 

 

10 

 

 

10 

Interest rate swap liabilities

 

 

–  

 

 

(5)

 

 

–  

 

 

(5)

Basis swap liabilities

 

 

–  

 

 

–  

 

 

(6)

 

 

(6)

Fixed price call option liabilities

 

 

–  

 

 

–  

 

 

(12)

 

 

(12)

Total

 

$

–  

 

$

324 

 

$

(8)

 

$

316 

 

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,

 

 

2015

 

2014

 

 

(in millions)

Balance at beginning of year

 

$

(8)

 

$

(19)

Total gains (losses):

 

 

 

 

 

 

Included in earnings

 

 

 

 

23 

Included in other comprehensive income

 

 

–  

 

 

– 

Purchases, issuances, and settlements:

 

 

 

 

 

 

Purchases

 

 

–  

 

 

– 

Issuances

 

 

–  

 

 

– 

Settlements

 

 

 

 

(12)

Transfers into/out of Level 3

 

 

–  

 

 

– 

Balance at end of year

 

$

 

$

(8)

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

 

$

11 

 

$

11