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Fair Value (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following two tables summarize the fair value measurements of our (i) energy commodity derivative contracts; (ii) interest rate swap agreements; and (iii) cross-currency swap agreements, based on the three levels established by the Codification (in millions). The tables also identify the impact of derivative contracts which we have elected to present on our accompanying consolidated balance sheets on a gross basis that are eligible for netting under master netting agreements. 
 
Balance sheet asset fair value measurements by level
 
 
 
 
 

Level 1
 

Level 2
 

Level 3
 
Gross amount
 
Contracts available for netting
 
Cash collateral held(b)
 
Net amount
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy commodity derivative contracts(a)
$
6

 
$
168

 
$

 
$
174

 
$
(43
)
 
$

 
$
131

Interest rate swap agreements
$

 
$
300

 
$

 
$
300

 
$
(18
)
 
$

 
$
282

As of December 31, 2015
 

 
 

 
 

 
 
 
 
 
 
 
 
Energy commodity derivative contracts(a)
$
48

 
$
589

 
$
2

 
$
639

 
$
(12
)
 
$
(37
)
 
$
590

Interest rate swap agreements
$

 
$
385

 
$

 
$
385

 
$
(8
)
 
$

 
$
377


 
Balance sheet liability
fair value measurements by level
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Gross amount
 
Contracts available for netting
 
Collateral posted(c)
 
Net amount
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy commodity derivative contracts(a)
$
(29
)
 
$
(82
)
 
$

 
$
(111
)
 
$
43

 
$
37

 
$
(31
)
Interest rate swap agreements
$

 
$
(57
)
 
$

 
$
(57
)
 
$
18

 
$

 
$
(39
)
Cross-currency swap agreements
$

 
$
(31
)
 
$

 
$
(31
)
 
$

 
$

 
$
(31
)
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy commodity derivative contracts(a)
$
(4
)
 
$
(10
)
 
$
(17
)
 
$
(31
)
 
$
12

 
$

 
$
(19
)
Interest rate swap agreements
$

 
$
(25
)
 
$

 
$
(25
)
 
$
8

 
$

 
$
(17
)
Cross-currency swap agreements
$

 
$
(52
)
 
$

 
$
(52
)
 
$

 
$

 
$
(52
)
_______
(a)
Level 1 consists primarily of NYMEX natural gas futures.  Level 2 consists primarily of OTC WTI swaps and options and NGL swaps.  Level 3 consists primarily of power derivative contracts.
(b)
Cash margin deposits held by us associated with our energy commodity contract positions and OTC swap agreements and reported within “Other current liabilities” on our accompanying consolidated balance sheets.
(c)
Cash margin deposits posted by us associated with our energy commodity contract positions and OTC swap agreements and reported within “Restricted Deposits” on our accompanying consolidated balance sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The table below provides a summary of changes in the fair value of our Level 3 energy commodity derivative contracts (in millions): 
Significant unobservable inputs (Level 3)
 
Year Ended December 31,
 
2016
 
2015
Derivatives-net asset (liability)
 
 
 
Beginning of period
$
(15
)
 
$
(61
)
Total gains or (losses) included in earnings
(9
)
 
(13
)
Settlements
24

 
59

End of period
$

 
$
(15
)
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or (losses) relating to assets held at the reporting date
$

 
$


Fair Value, by Balance Sheet Grouping
The carrying value and estimated fair value of our outstanding debt balances is disclosed below (in millions): 
 
December 31, 2016
 
December 31, 2015
 
Carrying
value
 
Estimated
fair value
 
Carrying
value
 
Estimated
fair value
Total debt
$
40,050

 
$
41,015

 
$
43,227

 
$
37,481