The fair value of financial instruments has been estimated by the Company using available market information as of December 31, 2023 and 2022, and valuation methodologies considered appropriate. The estimates presented in the table below are not necessarily indicative of amounts the Company could realize in a current market exchange (in millions):
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December 31, 2023 |
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December 31, 2022 |
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Carrying |
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Estimated Fair |
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Carrying |
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Estimated Fair |
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Amount |
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Value |
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Amount |
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Value |
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Assets: |
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Cash and cash equivalents |
|
$ |
38 |
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$ |
38 |
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$ |
118 |
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$ |
118 |
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Investments in equity securities |
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|
69 |
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|
|
69 |
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|
|
107 |
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|
107 |
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Available-for-sale debt securities |
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|
182 |
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|
182 |
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|
|
179 |
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|
|
179 |
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Trading securities |
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|
5 |
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|
|
5 |
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|
|
5 |
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|
|
5 |
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Liabilities: |
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8% Senior Secured Notes due 2026 |
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|
1,109 |
|
|
|
1,114 |
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|
|
2,083 |
|
|
|
1,917 |
|
8% Senior Secured Notes due 2027 |
|
|
695 |
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|
|
679 |
|
|
|
693 |
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|
|
631 |
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5⅝% Senior Secured Notes due 2027 |
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|
1,847 |
|
|
|
1,767 |
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|
|
1,833 |
|
|
|
1,633 |
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6⅞% Senior Notes due 2028 |
|
|
750 |
|
|
|
470 |
|
|
|
749 |
|
|
|
389 |
|
6% Senior Secured Notes due 2029 |
|
|
622 |
|
|
|
580 |
|
|
|
865 |
|
|
|
751 |
|
5¼% Senior Secured Notes due 2030 |
|
|
1,458 |
|
|
|
1,287 |
|
|
|
1,448 |
|
|
|
1,166 |
|
4¾% Senior Secured Notes due 2031 |
|
|
1,054 |
|
|
|
834 |
|
|
|
1,053 |
|
|
|
766 |
|
10⅞% Senior Secured Notes due 2032 |
|
|
982 |
|
|
|
1,047 |
|
|
|
— |
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|
|
— |
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6⅞% Junior-Priority Secured Notes due 2029 |
|
|
1,162 |
|
|
|
812 |
|
|
|
1,282 |
|
|
|
720 |
|
6⅛% Junior-Priority Secured Notes due 2030 |
|
|
1,167 |
|
|
|
781 |
|
|
|
1,164 |
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|
|
615 |
|
ABL Facility and other debt |
|
|
275 |
|
|
|
275 |
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|
|
85 |
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|
|
85 |
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