Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by hierarchy level.

	March 31, 2023
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity(a)	$	—	$	12	$	—	$	12
Interest rate - designated as cash flow hedges	$	—	$	20	$	—	$	20
Derivative instruments, assets	$	—	$	32	$	—	$	32

	December 31, 2022
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity(a)	$	—	$	10	$	—	$	10
Interest rate - designated as cash flow hedges	—		24		—		24
Derivative instruments, assets	$	—	$	34	$	—	$	34

(a)Commodity derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 12.

Schedule of Fair Value, by Balance Sheet Grouping

The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at March 31, 2023 and December 31, 2022.

	March 31, 2023				December 31, 2022
(In millions)	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Financial assets
Other noncurrent assets	10		28		10		28
Total financial assets	$	10	$	28	$	10	$	28
Financial liabilities
Other current liabilities	$	132	$	197	$	140	$	204
Long-term debt, including current portion(a)	5,789		5,878		5,806		5,948
Deferred credits and other liabilities	61		60		73		73
Total financial liabilities	$	5,982	$	6,135	$	6,019	$	6,225

(a)Excludes debt issuance costs.