XML 39 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements and Disclosures (Tables)
 6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Measurement information for assets and liabilities that are measured at fair value on a recurring basis was as follows: 
 
Fair Value Measurements Using
 
 
 
 
(millions)
Quoted Prices in 
Active Markets
(Level 1) (1)
 
Significant Other
Observable Inputs
(Level 2) (2)
 
Significant
Unobservable
Inputs (Level 3) (3)
 
Adjustment (4)
 
Fair Value Measurement
June 30, 2018
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
Mutual Fund Investments
$
57

 
$
—

 
$
—

 
$
—

 
$
57

Commodity Derivative Instruments
—

 
72

 
—

 
(43
)
 
29

Investment in Tamar Petroleum Ltd. (38,495,575 Shares) (5)
—

 
150

 
—

 
—

 
150

Financial Liabilities:
 
 
 
 
 
 
 
 
 
Commodity Derivative Instruments
—

 
(378
)
 
—

 
43

 
(335
)
Portion of Deferred Compensation Liability Measured at Fair Value
(73
)
 
—

 
—

 
—

 
(73
)
Stock Based Compensation Liability Measured at Fair Value
(12
)
 
—

 
—

 
—

 
(12
)
December 31, 2017
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
Mutual Fund Investments
$
57

 
$
—

 
$
—

 
$
—

 
$
57

Commodity Derivative Instruments
—

 
7

 
—

 
(5
)
 
2

Financial Liabilities:
 
 
 
 
 
 
 
 
 
Commodity Derivative Instruments
—

 
(78
)
 
—

 
5

 
(73
)
Portion of Deferred Compensation Liability Measured at Fair Value
(71
)
 
—

 
—

 
—

 
(71
)
Stock Based Compensation Liability Measured at Fair Value
(10
)
 
—

 
—

 
—

 
(10
)
(1) 
Level 1 measurements are fair value measurements which use quoted market prices (unadjusted) in active markets for identical assets or liabilities. We use Level 1 inputs when available as Level 1 inputs generally provide the most reliable evidence of fair value.
(2) 
Level 2 measurements are fair value measurements which use inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly.
(3) 
Level 3 measurements are fair value measurements which use unobservable inputs.
(4) 
Amount represents the impact of netting provisions within our master agreements that allow us to net cash settle asset and liability positions with the same counterparty.
(5) 
As of June 30, 2018, the closing price on the TASE of publicly traded and unrestricted shares of Tamar Petroleum Ltd. was $4.60 per share.
Investment in CNX Midstream Partners The fair value of the investment is based on the published market price of the common units for the date indicated below.
 
June 30, 2018
 
December 31, 2017
(millions)
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Investment in CNX Midstream Partners (14,217,198 Common Units and 21,692,198 Common Units, respectively) (1)
$
49

 
$
276

 
$
70

 
$
364


(1) 
During second quarter 2018, we sold 7.5 million common units, reducing our ownership in CNX Midstream Partners. See Note 3. Acquisitions and Divestitures.
Additional fair value disclosures Fair value information regarding our debt is as follows:
 
June 30, 2018
 
December 31, 2017
(millions)
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Long-Term Debt (1)
$
6,422

 
$
6,591

 
$
6,586

 
$
7,142

(1) 
Excludes unamortized discount, premium, debt issuance costs and capital lease obligations.