FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Notes To Financial Statements [Abstract]

Fair Value Measurement of Assets and Liabilities

The following financial instruments are recorded at their estimated fair value. The following table presents information about the recurring fair value measurement of our assets and liabilities as of December 31, 2016 and 2015:



		As of December 31,
Financial Instruments Recorded at Fair Value on a Recurring Basis:	Fair Value Measurement Level	2016		2015
		(In millions)
Assets:
Cash and cash equivalents:
Bank deposits and certificates of deposit	1	$	79	$	89
Money market funds	1	5		5
Total cash and cash equivalents:		84		94
Restricted funds held in trust:
Bank deposits and certificates of deposit	1	12		9
Money market funds	1	36		66
U.S. Treasury/agency obligations ⁽¹⁾	1	14		18
State and municipal obligations	1	46		59
Commercial paper/guaranteed investment contracts/repurchase agreements	1	2		8
Total restricted funds held in trust:		110		160
Investments:
Mutual and bond funds ⁽²⁾	1	2		2
Derivative asset — energy hedges⁽³⁾	2	3		21
Total assets:		$	199	$	277
Liabilities:
Derivative liability — energy hedges⁽⁴⁾	2	$	1	$	—
Derivative liability — interest rate swaps ^{(4) (5)}	2	20		14
Total liabilities:		$	21	$	14

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



	As of December 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 receivables ⁽⁶⁾	$	333	$	333	$	314	$	314
Liabilities:
Long-term debt	$	2,252	$	2,237	$	2,263	$	2,244
Project debt	$	383	$	387	$	198	$	206


(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 consolidated balance sheets.


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


(4)	Included in accrued expenses and other current liabilities in the consolidated balance sheets.


(5)	Included in other noncurrent liabilities in the consolidated balance sheets.


(6)	Includes $1 million and $2 million of noncurrent receivables in other noncurrent assets in the consolidated balance sheets as of December 31, 2016 and 2015.

In addition to the recurring fair value measurements, certain assets are measured at fair value on a non-recurring basis when an indication of impairment is identified and the assets fair value is determined to be less than its carrying value. See Note 14. Supplementary Information - Impairment Charges for additional information.