Fair Value Measurements Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present assets and liabilities accounted for at fair value on a recurring basis by hierarchy level.



	December 31, 2016
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity ^(a)	$	—	$	—	$	—	$	—
Interest rate	—		68		—		68
Derivative instruments, assets	$	—	$	68	$	—	$	68
Derivative instruments, liabilities
Commodity	$	—	$	60	$	—	$	60
Derivative instruments, liabilities	$	—	$	60	$	—	$	60

	December 31, 2015
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity ^(a)	$	—	$	51	$	—	$	51
Interest rate	$	—	$	8	$	—	$	8
Derivative instruments, assets	$	—	$	59	$	—	$	59
Derivative instruments, liabilities
Commodity ^(a)	$	—	$	1	$	—	$	1
Derivative instruments, liabilities	$	—	$	1	$	—	$	1

^(a) Derivative instruments are recorded on a net basis in our balance sheet (see Note 16)

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition.



	2016				2015				2014
(In millions)	Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Long-lived assets held for use	$	15	$	67	$	56	$	412	$	43	$	132

Fair Value, by Balance Sheet Grouping

The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair value by individual balance sheet line item at December 31, 2016 and 2015.



	December 31,
	2016				2015
(In millions)	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Financial assets
Other current assets	$	7	$	7	$	—	$	—
Other noncurrent assets	119		121		104		118
Total financial assets	$	126	$	128	$	104	$	118
Financial liabilities
Other current liabilities	$	68	$	75	$	34	$	33
Long-term debt, including current portion^(a)	7,449		7,292		6,723		7,291
Deferred credits and other liabilities	114		107		97		95
Total financial liabilities	$	7,631	$	7,474	$	6,854	$	7,419


^(a)	Excludes capital leases, debt issuance costs and interest rate swap adjustments.