Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2021 and 2020 were as follows:

	December 31, 2021				December 31, 2020
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	28	$	28	$	13	$	13
2018 revolving credit facility due April 2024	460		460		700		700
Term Loan B due 2027	550		550		—		—
Senior notes (1)	4,430		4,745		2,471		2,609
Derivative instruments, net	(1,502)		(1,502)		(41)		(41)

(1)Excludes unamortized debt issuance costs and debt discounts.

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	December 31, 2021
	Fair Value Measurements Using:
(in millions)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Assets (Liabilities) at Fair Value
Assets:
Purchased fixed price swaps	$	—	$	—	$	—	$	—
Fixed price swaps	—		148		—		148
Two-way costless collars	—		109		—		109
Three-way costless collars	—		53		—		53
Basis swaps	—		99		—		99
Interest rate swaps	—		2		—		2
Liabilities: (1)
Fixed price swaps	—		(1,031)		—		(1,031)
Two-way costless collars	—		(220)		—		(220)
Three-way costless collars	—		(525)		—		(525)
Basis swaps	—		(31)		—		(31)
Call options	—		(109)		—		(109)
Put options	—		—		—		—
Swaptions	—		—		—		—
Total	$	—	$	(1,505)	$	—	$	(1,505)

(1)Excludes a net reduction to the liability fair value of $3 million related to estimated non-performance risk.

	December 31, 2020
	Fair Value Measurements Using:
(in millions)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Assets (Liabilities) at Fair Value
Assets:
Purchased fixed price swaps	$	—	$	1	$	—	$	1
Fixed price swaps	—		59		—		59
Two-way costless collars	—		74		—		74
Three-way costless collars	—		174		—		174
Basis swaps	—		75		—		75
Call options	—		4		—		4
Liabilities: (1)
Fixed price swaps	—		(96)		—		(96)
Two-way costless collars	—		(65)		—		(65)
Three-way costless collars	—		(215)		—		(215)
Basis swaps	—		(10)		—		(10)
Call options	—		(40)		—		(40)
Put options	—		(1)		—		(1)
Swaptions	—		(2)		—		(2)
Total	$	—	$	(42)	$	—	$	(42)

(1)Excludes a net reduction to the liability fair value of $1 million related to estimated non-performance risk.