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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value of Financial Instruments, by Balance Sheet Grouping

The fair value of financial instruments has been estimated by the Company using available market information as of September 30, 2024 and December 31, 2023, 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):

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Carrying

 

 

Estimated
Fair

 

 

Carrying

 

 

Estimated
Fair

 

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

33

 

 

$

33

 

 

$

38

 

 

$

38

 

Investments in equity securities

 

 

66

 

 

 

66

 

 

 

69

 

 

 

69

 

Available-for-sale debt securities

 

 

195

 

 

 

195

 

 

 

182

 

 

 

182

 

Trading securities

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

8% Senior Secured Notes due 2026

 

 

 

 

 

 

 

 

1,109

 

 

 

1,114

 

8% Senior Secured Notes due 2027

 

 

695

 

 

 

703

 

 

 

695

 

 

 

679

 

5⅝% Senior Secured Notes due 2027

 

 

1,719

 

 

 

1,729

 

 

 

1,847

 

 

 

1,767

 

6⅞% Senior Notes due 2028

 

 

622

 

 

 

529

 

 

 

750

 

 

 

470

 

6% Senior Secured Notes due 2029

 

 

625

 

 

 

625

 

 

 

622

 

 

 

580

 

5¼% Senior Secured Notes due 2030

 

 

1,465

 

 

 

1,416

 

 

 

1,458

 

 

 

1,287

 

4¾% Senior Secured Notes due 2031

 

 

1,054

 

 

 

931

 

 

 

1,054

 

 

 

834

 

10⅞% Senior Secured Notes due 2032

 

 

2,212

 

 

 

2,452

 

 

 

982

 

 

 

1,047

 

6⅞% Junior-Priority Secured Notes due 2029

 

 

1,172

 

 

 

1,128

 

 

 

1,162

 

 

 

812

 

6⅛% Junior-Priority Secured Notes due 2030

 

 

1,173

 

 

 

1,045

 

 

 

1,167

 

 

 

781

 

ABL Facility and other debt

 

 

391

 

 

 

391

 

 

 

275

 

 

 

275