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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Measurements [Abstract]  
Carrying Amount And Estimated Fair Values Of Financial Instruments



 

 

 

 

 

 

 

 

 

 

 



December 31, 2016

 

December 31, 2015



Carrying

 

Fair

 

Carrying

 

Fair



Amount

 

Value

 

Amount

 

Value



(in millions)

Cash and cash equivalents

$

 1,423 

 

$

 1,423 

 

$

 15 

 

$

 15 

Credit facility

 

– 

 

 

– 

 

 

 116 

 

 

 116 

Term loan facility due December 2020 (1)

 

 327 

 

 

 327 

 

 

 750 

 

 

 750 

Term loan facility due December 2020 (1)

 

 1,191 

 

 

 1,191 

 

 

– 

 

 

– 

Senior notes

 

 3,166 

 

 

 3,182 

 

 

 3,867 

 

 

 2,672 

Derivative instruments, net

 

 (375)

 

 

 (375)

 

 

 (2)

 

 

 (2)



(1)

The maturity date will accelerate to October 2019 if, by that date, the Company has not amended, redeemed or refinanced at least $765 million of its senior notes due in January 2020.
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2016



 

Fair Value Measurements Using:

 

 

 



 

Quoted Prices

 

 

 

Significant

 

 

 



 

in Active

 

Significant Other

 

Unobservable

 

 

 



 

Markets

 

Observable Inputs

 

Inputs

 

Assets (Liabilities)



 

(Level 1)

 

(Level 2)

 

(Level 3)

 

at Fair Value

Fixed price swap assets

 

$

–  

 

$

 1 

 

$

–  

 

$

 1 

Two-way costless collars assets

 

 

–  

 

 

–  

 

 

 10 

 

 

 10 

Three-way costless collars assets

 

 

–  

 

 

–  

 

 

 111 

 

 

 111 

Basis swap assets

 

 

–  

 

 

–  

 

 

 33 

 

 

 33 

Fixed price swap liabilities

 

 

–  

 

 

 (178)

 

 

–  

 

 

 (178)

Two-way costless collars liabilities

 

 

–  

 

 

–  

 

 

 (58)

 

 

 (58)

Three-way costless collars liabilities

 

 

–  

 

 

–  

 

 

 (192)

 

 

 (192)

Basis swap liabilities

 

 

–  

 

 

–  

 

 

 (18)

 

 

 (18)

Sold call option liabilities

 

 

–  

 

 

–  

 

 

 (81)

 

 

 (81)

Interest rate swap liabilities

 

 

–  

 

 

 (3)

 

 

–  

 

 

 (3)

Total

 

$

–  

 

$

 (180)

 

$

 (195)

 

$

 (375)



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2015



 

Fair Value Measurements Using:

 

 

 



 

Quoted Prices

 

Significant Other

 

Significant

 

 

 



 

in Active Markets

 

Observable Inputs

 

Unobservable Inputs

 

Assets (Liabilities)



 

(Level 1)

 

(Level 2)

 

(Level 3)

 

at Fair Value

Basis swap assets

 

$

–  

 

$

–  

 

$

 3 

 

$

 3 

Interest rate swap liabilities

 

 

–  

 

 

 (5)

 

 

–  

 

 

 (5)

Total

 

$

–  

 

$

 (5)

 

$

 3 

 

$

 (2)



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,



 

2016

 

2015



 

(in millions)

Balance at beginning of period

 

$

 3 

 

$

 (8)

Total gains (losses):

 

 

 

 

 

 

Included in earnings

 

 

 (162)

 

 

 9 

Settlements

 

 

 (36)

 

 

 2 

Transfers into/out of Level 3

 

 

–  

 

 

– 

Balance at end of period

 

$

 (195)

 

$

 3 

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

 

$

 (198)

 

$

 11