Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 as of December 31, 2021 and 2020 by hierarchy level.


	December 31, 2021
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets

Interest rate - not designated as cash flow hedges	$	—	$	27	$	—	$	27

Derivative instruments, assets	$	—	$	27	$	—	$	27
Derivative instruments, liabilities
Commodity(a)	$	(2)	$	(5)	$	—	$	(7)

Interest rate - designated as cash flow hedges	—		(5)		—		(5)
Derivative instruments, liabilities	$	(2)	$	(10)	$	—	$	(12)
Total	$	(2)	$	17	$	—	$	15

	December 31, 2020
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Interest rate - not designated as cash flow hedges	$	—	10		$	—	$	10
Interest rate - designated as cash flow hedges	—		19		—		19
Derivative instruments, assets	$	—	$	29	$	—	$	29
Derivative instruments, liabilities
Commodity(a)	$	—	$	(23)	$	—	$	(23)
Interest rate - designated as cash flow hedges	$	—	$	(16)	$	—	$	(16)
Derivative instruments, liabilities	$	—	$	(39)	$	—	$	(39)
Total	$	—	$	(10)	$	—	$	(10)

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

Fair Value, by Balance Sheet Grouping

The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at December 31, 2021 and 2020.


	December 31,
	2021				2020
(In millions)	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Financial assets
Current assets	$	11	$	10	$	4	$	4
Other noncurrent assets	12		27		24		37
Total financial assets	$	23	$	37	$	28	$	41
Financial liabilities
Other current liabilities	$	99	$	136	$	72	$	103
Long-term debt, including current portion(a)	4,705		4,033		6,077		5,431
Deferred credits and other liabilities	46		46		82		76
Total financial liabilities	$	4,850	$	4,215	$	6,231	$	5,610

(a)Excludes debt issuance costs.