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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
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 December 31, 2021 and 2020, 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):

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

Carrying

 

 

Estimated

Fair

 

 

Carrying

 

 

Estimated

Fair

 

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

507

 

 

$

507

 

 

$

1,676

 

 

$

1,676

 

Investments in equity securities

 

 

144

 

 

 

144

 

 

 

129

 

 

 

129

 

Available-for-sale debt securities

 

 

178

 

 

 

178

 

 

 

110

 

 

 

110

 

Trading securities

 

 

13

 

 

 

13

 

 

 

12

 

 

 

12

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6⅞% Senior Notes due 2022

 

 

 

 

 

 

 

 

125

 

 

 

125

 

6¼% Senior Secured Notes due 2023

 

 

 

 

 

 

 

 

95

 

 

 

99

 

8⅝% Senior Secured Notes due 2024

 

 

 

 

 

 

 

 

1,025

 

 

 

1,080

 

6⅝% Senior Secured Notes due 2025

 

 

1,434

 

 

 

1,517

 

 

 

1,427

 

 

 

1,543

 

8% Senior Secured Notes due 2026

 

 

2,078

 

 

 

2,210

 

 

 

2,074

 

 

 

2,275

 

8% Senior Secured Notes due 2027

 

 

692

 

 

 

758

 

 

 

692

 

 

 

760

 

5⅝% Senior Secured Notes due 2027

 

 

1,819

 

 

 

2,011

 

 

 

1,809

 

 

 

2,048

 

6⅞% Senior Notes due 2028

 

 

759

 

 

 

758

 

 

 

758

 

 

 

618

 

6% Senior Secured Notes due 2029

 

 

860

 

 

 

966

 

 

 

857

 

 

 

973

 

4¾% Senior Secured Notes due 2031

 

 

1,090

 

 

 

1,108

 

 

 

 

 

 

 

9⅞% Junior-Priority Secured Notes due 2023

 

 

 

 

 

 

 

 

1,756

 

 

 

1,861

 

8⅛% Junior-Priority Secured Notes due 2024

 

 

 

 

 

 

 

 

1,336

 

 

 

1,408

 

6⅞% Junior-Priority Secured Notes due 2029

 

 

1,625

 

 

 

1,823

 

 

 

 

 

 

 

6⅛% Junior-Priority Secured Notes due 2030

 

 

1,352

 

 

 

1,431

 

 

 

 

 

 

 

ABL Facility and other debt

 

 

32

 

 

 

32

 

 

 

23

 

 

 

23