Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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

Assets and liabilities measured at fair value on a recurring basis are as follows:

	Fair Value Measurement as of March 31, 2019 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, 2019
	(in millions)
Assets:
Commodity derivatives	$	—	$	30	$	—	$	30
Deferred compensation plan assets	89		—		—		89
Investment in affiliate	—		347		—		347
Total assets	89		377		—		466
Liabilities:
Commodity derivatives	—		22		—		22
Total liabilities	—		22		—		22
	$	89	$	355	$	—	$	444

	Fair Value Measurement as of December 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 December 31, 2018
	(in millions)
Assets:
Commodity derivatives	$	—	$	52	$	—	$	52
Deferred compensation plan assets	82		—		—		82
Investment in affiliate	—		172		—		172
Total assets	82		224		—		306
Liabilities:
Commodity derivatives	—		27		—		27
Total liabilities	—		27		—		27
	$	82	$	197	$	—	$	279

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 consolidated balance sheets are as follows:

	As of March 31, 2019				As of December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Assets:
Cash and cash equivalents:
Cash (a)	$	461	461		$	775	$	775
Time deposits (a)	50		50		50		50
Total	$	511	$	511	$	825	$	825
Short-term investments:
Commercial paper (b)	$	21	21		$	53	53
Corporate bonds (c)	374		374		290		288
Time deposits (b)	50		50		100		100
Total	$	445	$	445	$	443	$	441
Long-term investments:
Corporate bonds (c)	$	11	$	11	$	125	$	125
Liabilities:
Current portion of long-term debt (d)	$	449	$	466	$	—	$	—
Long-term debt (d)	$	1,836	$	1,948	$	2,284	$	2,374

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(a) Fair value approximates carrying value due to the short-term nature of the instruments.

(b) Fair value is determined using Level 2 inputs.

(c) Fair value is determined using Level 1 inputs.

(d) Fair value is determined using Level 2 inputs. The Company's senior notes are quoted but not actively traded on major exchanges; therefore, fair value is based on periodic values as quoted on major exchanges.