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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Measurements [Abstract]  
Carrying Amount And Estimated Fair Values Of Financial Instruments



 

 

 

 

 

 

 

 

 

 

 



September 30, 2017

 

December 31, 2016



Carrying

 

Fair

 

Carrying

 

Fair



Amount

 

Value

 

Amount

 

Value



(in millions)

Cash and cash equivalents

$

 989 

 

$

 989 

 

$

 1,423 

 

$

 1,423 

2015 term loan due December 2020

 

 –  

 

 

 –  

 

 

 327 

 

 

 327 

2016 term loan due December 2020 (1)

 

 1,191 

 

 

 1,191 

 

 

 1,191 

 

 

 1,191 

Senior notes

 

 3,282 

 

 

 3,317 

 

 

 3,166 

 

 

 3,182 

Derivative instruments, net (2)

 

 (25)

 

 

 (25)

 

 

 (375)

 

 

 (375)



(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.  As of September 30, 2017, the Company has redeemed $758 million principal amount outstanding of the 2020 senior notes.

(2)

Excludes $2 million in premiums paid related to certain call options currently recognized as a component of derivative assets within current assets on the unaudited condensed consolidated balance sheet.

Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

September 30, 2017



 

Fair Value Measurements Using:

 

 

 



 

Quoted Prices in Active Markets (Level 1)

 

Significant Other Observable Inputs (Level 2)

 

Significant Unobservable Inputs (Level 3)

 

Assets (Liabilities) at Fair Value

Fixed price swap assets 

 

$

–  

 

$

 13 

 

$

–  

 

$

 13 

Two-way costless collars assets

 

 

–  

 

 

–  

 

 

 7 

 

 

 7 

Three-way costless collars assets

 

 

–  

 

 

–  

 

 

 106 

 

 

 106 

Basis swap assets

 

 

–  

 

 

–  

 

 

 19 

 

 

 19 

Call option assets (1)

 

 

–  

 

 

–  

 

 

 1 

 

 

 1 

Fixed price swap liabilities

 

 

–  

 

 

 (16)

 

 

–  

 

 

 (16)

Two-way costless collars liabilities

 

 

–  

 

 

–  

 

 

 (7)

 

 

 (7)

Three-way costless collars liabilities

 

 

–  

 

 

–  

 

 

 (100)

 

 

 (100)

Basis swap liabilities

 

 

–  

 

 

–  

 

 

 (23)

 

 

 (23)

Call option liabilities

 

 

–  

 

 

–  

 

 

 (23)

 

 

 (23)

Interest rate swap liabilities

 

 

–  

 

 

 (2)

 

 

–  

 

 

 (2)

Total

 

$

–  

 

$

 (5)

 

$

 (20)

 

$

 (25)

(1)

Excludes $2 million in premiums paid related to certain call options currently recognized as a component of derivative assets within current assets on the unaudited condensed consolidated balance sheet.



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2016



 

Fair Value Measurements Using:

 

 

 



 

Quoted Prices in Active Markets (Level 1)

 

Significant Other Observable Inputs (Level 2)

 

Significant Unobservable Inputs (Level 3)

 

Assets (Liabilities) 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)

Call option liabilities

 

 

–  

 

 

–  

 

 

 (81)

 

 

 (81)

Interest rate swap liabilities

 

 

–  

 

 

 (3)

 

 

–  

 

 

 (3)

Total

 

$

–  

 

$

 (180)

 

$

 (195)

 

$

 (375)



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 three months ended

 

For the nine months ended



 

September 30,

 

September 30,



 

2017

 

2016

 

2017

 

2016



 

(in millions)

 

(in millions)

Balance at beginning of period

 

$

 (52)

 

$

 (83)

 

$

 (195)

 

$

 3 

Total gains (losses):

 

 

   

 

 

 

 

 

 

 

 

 

Included in earnings

 

 

 42 

 

 

 58 

 

 

 141 

 

 

 (13)

Settlements

 

 

 (10)

 

 

–  

 

 

 34 

 

 

 (15)

Transfers into/out of Level 3

 

 

–  

 

 

–  

 

 

–  

 

 

–  

Balance at end of period

 

$

 (20)

 

$

 (25)

 

$

 (20)

 

$

 (25)

Change in gains (losses) included in earnings relating to derivatives still held as of September 30

 

$

 32 

 

$

 58 

 

$

 175 

 

$

 (28)