Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:

(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at   September 30, 2023
Assets
Deferred compensation plan	$	32	$	—	$	—	$	32
Derivative instruments	—		—		47		47
	$	32	$	—	$	47	$	79
Liabilities
Deferred compensation plan	$	32	$	—	$	—	$	32
Derivative instruments	—		—		10		10
	$	32	$	—	$	10	$	42

(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at   December 31, 2022
Assets
Deferred compensation plan	$	43	$	—	$	—	$	43
Derivative instruments	—		—		147		147
	$	43	$	—	$	147	$	190
Liabilities
Deferred compensation plan	$	55	$	—	$	—	$	55
Derivative instruments	—		—		1		1
	$	55	$	—	$	1	$	56

Reconciliation of Changes in the Fair Value of Financial Assets and Liabilities Classified as Level 3

The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy:

	Nine Months Ended  September 30,
(In millions)	2023		2022
Balance at beginning of period	$	146	$	(152)
Total gain (loss) included in earnings	129		(596)
Settlement (gain) loss	(238)		704
Transfers in and/or out of Level 3	—		—
Balance at end of period	$	37	$	(44)
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$	20	$	(11)

Carrying Amounts and Fair Values of Debt

The carrying amount and estimated fair value of debt is as follows:

	September 30, 2023				December 31, 2022
(In millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Total debt	$	2,167	$	1,957	$	2,181	$	1,955
Current maturities	(575)		(559)		—		—
Long-term debt, excluding current maturities	$	1,592	$	1,398	$	2,181	$	1,955