XML 23 R49.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair value of financial 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 December 31, 2019 and 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.
 
December 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
$
617

 
$
—

 
$
—

 
$
617

 
$
(612
)
 
$
—

 
$
5

 
$
—

Foreign currency
contracts
27

 
—

 
—

 
27

 
n/a

 
n/a

 
27

 
n/a

Investments of certain
benefit plans
65

 
—

 
9

 
74

 
n/a

 
n/a

 
74

 
n/a

Total
$
709

 
$
—

 
$
9

 
$
718

 
$
(612
)
 
$
—

 
$
106

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
668

 
$
—

 
$
—

 
$
668

 
$
(612
)
 
$
(56
)
 
$
—

 
$
(84
)
Environmental credit
obligations
—

 
2

 
—

 
2

 
n/a

 
n/a

 
2

 
n/a

Physical purchase
contracts
—

 
3

 
—

 
3

 
n/a

 
n/a

 
3

 
n/a

Foreign currency
contracts
10

 
—

 
—

 
10

 
n/a

 
n/a

 
10

 
n/a

Total
$
678

 
$
5

 
$
—

 
$
683

 
$
(612
)
 
$
(56
)
 
$
15

 
 
 
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):
 
 
 
December 31, 2019
 
December 31, 2018
 
Fair Value
Hierarchy
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
Level 1
 
$
2,583

 
$
2,583

 
$
2,982

 
$
2,982

Financial liabilities
 
 
 
 
 
 
 
 
 
Debt (excluding finance leases)
Level 2
 
8,881

 
10,583

 
8,503

 
8,986