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FINANCIAL INSTRUMENTS Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Assets and Liabilities
The following table presents information about the fair value measurement of our assets and liabilities as of June 30, 2017 and December 31, 2016:
Financial Instruments Recorded at Fair Value on a Recurring Basis:
 
Fair Value Measurement Level
 
June 30, 2017

December 31, 2016
 
 
 
 
(In millions)
Assets:
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
Bank deposits and certificates of deposit
 
1
 
$
44

 
$
79

Money market funds
 
1
 
4

 
5

Total cash and cash equivalents:
 
 
 
48

 
84

Restricted funds held in trust:
 
 
 
 
 
 
Bank deposits and certificates of deposit
 
1
 
17

 
12

Money market funds
 
1
 
30

 
36

U.S. Treasury/Agency obligations (1)
 
1
 
10

 
14

State and municipal obligations
 
1
 
36

 
46

Commercial paper/Guaranteed investment contracts/Repurchase agreements
 
1
 
12

 
2

Total restricted funds held in trust:
 
 
 
105

 
110

Investments — mutual and bond funds (2)
 
1
 
2

 
2

Derivative asset — energy hedges (3)
 
2
 
4

 
3

Total assets:
 
 
 
$
159

 
$
199

Liabilities:
 
 
 
 
 
 
Derivative liability — energy hedges (4)
 
2
 
$
—

 
$
1

Derivative liability — interest rate swaps (4), (5)
 
2
 
$
18

 
$
20

Total liabilities:
 
 
 
$
18

 
$
21

 
The following financial instruments are recorded at their carrying amount (in millions):
 
 
As of June 30, 2017
 
As of December 31, 2016
Financial Instruments Recorded at Carrying Amount:
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
Assets:
 
 
 
 
 
 
 
 
Accounts receivable (6)
 
$
303

 
$
303

 
$
333

 
$
333

Liabilities:
 
 
 
 
 
 
 
 
Long-term debt 
 
$
2,378

 
$
2,375

 
$
2,252

 
$
2,237

Project debt
 
$
458

 
$
464

 
$
383

 
$
387

(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)
Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
(5)
Included in other noncurrent liabilities in the condensed consolidated balance sheets.
(6)
Includes $1 million of noncurrent receivables recorded in "Other assets" in the condensed consolidated balance sheets as June 30, 2017 and December 31, 2016.