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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair value of assets and liabilities measured on recurring basis The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2019 and December 31, 2018.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
 
March 31, 2019
 
 
 
Total
Gross
Fair
Value
 
Effect of
Counter-
party
Netting
 
Effect of
Cash
Collateral
Netting
 
Net
Carrying
Value on
Balance
Sheet
 
Cash
Collateral
Paid or
Received
Not Offset
 
Fair Value Hierarchy
 
 
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
638

 
$
—

 
$
—

 
$
638

 
$
(560
)
 
$
(30
)
 
$
48

 
$
—

Foreign currency
contracts
3

 
—

 
—

 
3

 
n/a

 
n/a

 
3

 
n/a

Investments of certain
benefit plans
61

 
—

 
9

 
70

 
n/a

 
n/a

 
70

 
n/a

Total
$
702

 
$
—

 
$
9

 
$
711

 
$
(560
)
 
$
(30
)
 
$
121

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 

 
 
 
 
 

 
 
Commodity derivative
contracts
$
573

 
$
—

 
$
—

 
$
573

 
$
(560
)
 
$
(13
)
 
$
—

 
$
(47
)
Environmental credit
obligations
—

 
17

 
—

 
17

 
n/a

 
n/a

 
17

 
n/a

Physical purchase
contracts
—

 
6

 
—

 
6

 
n/a

 
n/a

 
6

 
n/a

Foreign currency
contracts
20

 
—

 
—

 
20

 
n/a

 
n/a

 
20

 
n/a

Total
$
593

 
$
23

 
$
—

 
$
616

 
$
(560
)
 
$
(13
)
 
$
43

 


 
December 31, 2018
 
 
 
Total
Gross
Fair
Value
 
Effect of
Counter-
party
Netting
 
Effect of
Cash
Collateral
Netting
 
Net
Carrying
Value on
Balance
Sheet
 
Cash
Collateral
Paid or
Received
Not Offset
 
Fair Value Hierarchy
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
2,792

 
$
—

 
$
—

 
$
2,792

 
$
(2,669
)
 
$
(34
)
 
$
89

 
$
—

Foreign currency
contracts
4

 
—

 
—

 
4

 
n/a

 
n/a

 
4

 
n/a

Investments of certain
benefit plans
60

 
—

 
9

 
69

 
n/a

 
n/a

 
69

 
n/a

Total
$
2,856

 
$
—

 
$
9

 
$
2,865

 
$
(2,669
)
 
$
(34
)
 
$
162

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
2,681

 
$
—

 
$
—

 
$
2,681

 
$
(2,669
)
 
$
(12
)
 
$
—

 
$
(136
)
Environmental credit
obligations
—

 
13

 
—

 
13

 
n/a

 
n/a

 
13

 
n/a

Physical purchase
contracts
—

 
5

 
—

 
5

 
n/a

 
n/a

 
5

 
n/a

Foreign currency
contracts
1

 
—

 
—

 
1

 
n/a

 
n/a

 
1

 
n/a

Total
$
2,682

 
$
18

 
$
—

 
$
2,700

 
$
(2,669
)
 
$
(12
)
 
$
19

 
Carrying amounts and estimated fair value of financial instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions):
 
 
 
March 31, 2019
 
December 31, 2018
 
Fair Value
Hierarchy
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Financial assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
Level 1
 
$
2,777

 
$
2,777

 
$
2,982

 
$
2,982

Financial liabilities:
 
 
 
 
 
 
 
 
 
Debt (excluding finance leases)
Level 2
 
9,511

 
10,617

 
8,503

 
8,986