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FAIR VALUE OF FINANCIAL INSTRUMENTS
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
NOTE 14 - FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying values of certain financial instruments (e.g. Accounts receivable, net, Accounts payable and Other current liabilities) approximate fair value and, therefore, have been excluded from the table below. See NOTE 15 - DERIVATIVE INSTRUMENTS AND HEDGING for information on our derivative instruments, which are accounted for at fair value on a recurring basis.
A summary of the carrying value and fair value of other financial instruments were as follows:
December 31, 2022December 31, 2021
(In millions)ClassificationCarrying
Value
Fair ValueCarrying
Value
Fair Value
Senior notesLevel 1$2,385 $2,311 $3,561 $3,911 
IRBsLevel 1  68 66 
ABL Facility - outstanding balanceLevel 21,864 1,864 1,609 1,609 
Total$4,249 $4,175 $5,238 $5,586 
The valuation of financial assets classified in Level 2 was determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable.