Disclosures About Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Assets and liabilities that are measured at fair value

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:


	As of December 31, 2020
	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Assets:
Commodity derivatives	$	—	$	8	$	—	$	8
Deferred compensation plan assets	72		—		—		72
Investment in affiliate	123		—		—		123

Total assets	195		8		—		203
Liabilities:
Commodity derivatives	—		209		—		209
Marketing derivatives	—		—		91		91
	—		209		91		300
Total recurring fair value measurements	$	195	$	(201)	$	(91)	$	(97)


	As of December 31, 2019
	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Assets:

Commodity derivatives	$	—	$	32	$	—	$	32
Marketing derivatives	—		—		21		21
Deferred compensation plan assets	85		—		—		85
Investment in affiliate	187		—		—		187
Contingent consideration	—		91		—		91
Total assets	272		123		21		416
Liabilities:
Commodity derivatives	—		20		—		20


Total recurring fair value measurements	$	272	$	103	$	21	$	396

Carrying values and fair values of 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 December 31, 2020				As of December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Assets:
Cash and cash equivalents (a)	$	1,442	$	1,442	$	631	$	631

Restricted cash (a)	$	59	$	59	$	74	$	74









Liabilities:
Current portion of long-term debt:
Senior notes (b)	$	140	$	140	$	450	$	451
Long-term debt:
Convertible senior notes (b)	$	1,100	$	1,756	$	—	$	—
Senior notes (b)	$	2,060	$	2,230	$	1,839	$	1,995

______________________

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

(b)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. The carrying value of convertible senior notes does not include $206 million of unamortized debt discount. See Note 7 for additional information.