FINANCIAL INSTRUMENTS Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

The following table presents information about the fair value measurement of our assets and liabilities as of March 31, 2016 and December 31, 2015:



		As of
Financial Instruments Recorded at Fair Value on a Recurring Basis:	Fair Value Measurement Level	March 31, 2016		December 31, 2015
		(In millions)
Assets:
Cash and cash equivalents:
Bank deposits and certificates of deposit	1	$	101	$	89
Money market funds	1	5		5
Total cash and cash equivalents:		106		94
Restricted funds held in trust:
Bank deposits and certificates of deposit	1	9		7
Money market funds	1	51		66
U.S. Treasury/Agency obligations ⁽¹⁾	1	17		18
State and municipal obligations	1	59		59
Commercial paper/Guaranteed investment contracts/Repurchase agreements	1	6		8
Total restricted funds held in trust:		142		158
Restricted funds — other:
Bank deposits and certificates of deposit ⁽²⁾	1	2		2
Investments:
Mutual and bond funds ^{(2) (3)}	1	2		2
Derivative asset — Foreign currency hedges	2	1		—
Derivative asset — Energy hedges	2	22		21
Total assets:		$	275	$	277
Liabilities:
Derivative liability — Interest rate swaps	2	$	22	$	14
Total liabilities:		$	22	$	14

The following financial instruments are recorded at their carrying amount (in millions):



	As of March 31, 2016				As of December 31, 2015
Financial Instruments Recorded at Carrying Amount:	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Accounts receivable ⁽⁴⁾	$	287	$	287	$	314	$	314
Liabilities:
Long-term debt	$	2,343	$	2,357	$	2,263	$	2,266
Project debt	$	207	$	215	$	175	$	209


(1)	The U.S. Treasury/Agency obligations in restricted funds held in trust are primarily comprised of Federal Home Loan Mortgage Corporation securities at fair value.


(2)	Included in other noncurrent assets in the condensed consolidated balance sheets.


(3)	Included in prepaid expenses and other current assets in the condensed consolidated balance sheets.


(4)	Includes $2 million and $2 million of noncurrent receivables recorded in "Other assets" in the condensed consolidated balance sheets as March 31, 2016 and December 31, 2015, respectively.