Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 for each of the fair value hierarchy levels:



	Fair Value Measurement as of March 31, 2018 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value as of March 31, 2018
	(in millions)
Assets:
Commodity derivatives	$	—	$	7		$	—	$	7
Deferred compensation plan assets	92		—			—		92
Total assets	92		7			—		99
Liabilities:
Commodity derivatives	—		387			—		387
Total liabilities	—		387			—		387
Total recurring fair value measurements	$	92	$	(380	)	$	—	$	(288	)



	Fair Value Measurement as of December 31, 2017 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair value as of December 31, 2017
	(in millions)
Assets:
Commodity derivatives	$	—	$	11		$	—	$	11
Deferred compensation plan assets	95		—			—		95
Total assets	95		11			—		106
Liabilities:
Commodity derivatives	—		255			—		255
Total liabilities	—		255			—		255
Total recurring fair value measurements	$	95	$	(244	)	$	—	$	(149	)

Schedule of carrying values and financial instruments not carried at fair value

Carrying values and fair values of financial instruments that are not carried at fair value in the accompanying consolidated balance sheets as of March 31, 2018 and December 31, 2017 are as follows:



	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Commercial paper, corporate bonds and time deposits	$	815	$	817	$	1,279	$	1,277
Current portion of long-term debt	$	449	$	451	$	449	$	457
Long-term debt	$	2,284	$	2,423	$	2,283	$	2,479

Cash and cash equivalents and investments

The following tables provide the components of the Company's cash and cash equivalents and investments as of March 31, 2018 and December 31, 2017:



	March 31, 2018
Consolidated Balance Sheet Location	Cash		Commercial Paper		Corporate Bonds		Time Deposits		Total
	(in millions)
Cash and cash equivalents	$	931	$	20	$	—	$	50	$	1,001
Short-term investments	—		125		398		199		722
Long-term investments	—		—		93		—		93
	$	931	$	145	$	491	$	249	$	1,816



	December 31, 2017
Consolidated Balance Sheet Location	Cash		Commercial Paper		Corporate Bonds		Time Deposits		Total
	(in millions)
Cash and cash equivalents	$	846	$	—	$	—	$	50	$	896
Short-term investments	—		124		642		447		1,213
Long-term investments	—		—		66		—		66
	$	846	$	124	$	708	$	497	$	2,175