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Fair Value (Tables)
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Carrying Amounts and Estimated Fair Values of Long-Term Financial Instruments

We believe the carrying values of our financial instruments related to current assets and current liabilities approximate fair value. The following table presents the carrying amounts and estimated fair values of our long-term financial instruments (in millions):

 

 

 

 

 

 

 

June 30, 2016

 

 

December 31, 2015

 

 

 

Hierarchy

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

 

Level

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other notes receivable

 

 

3

 

 

$

88

 

 

$

88

 

 

$

63

 

 

$

63

 

Total financial assets

 

 

 

 

 

$

88

 

 

$

88

 

 

$

63

 

 

$

63

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

1

 

 

$

2,380

 

 

$

2,499

 

 

$

2,144

 

 

$

2,178

 

Total financial liabilities

 

 

 

 

 

$

2,380

 

 

$

2,499

 

 

$

2,144

 

 

$

2,178

 

Off-Balance sheet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Letters of credit

 

 

2

 

 

$

 

 

$

77

 

 

$

 

 

$

80

 

Surety bonds

 

 

2

 

 

 

 

 

 

13

 

 

 

 

 

 

32

 

Total off-balance sheet

 

 

 

 

 

$

 

 

$

90

 

 

$

 

 

$

112