Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 by hierarchy level:

	March 31, 2024
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity(a)	$	—	$	1	$	—	$	1
Interest rate - designated as cash flow hedges	—		19		—		19
Derivative instruments, assets	$	—	$	20	$	—	$	20
Derivative instruments, liabilities
Commodity(a)	$	—	$	(1)	$	—	$	(1)
Derivative instruments, liabilities	$	—	$	(1)	$	—	$	(1)
Total	$	—	$	19	$	—	$	19

	December 31, 2023
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity(a)	$	—	$	24	$	—	$	24
Interest rate - designated as cash flow hedges	—		18		—		18
Derivative instruments, assets	$	—	$	42	$	—	$	42

(a)Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 8.

Schedule of Fair Value, by Balance Sheet Grouping

The following table summarizes financial instruments, excluding receivables, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(In millions)	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Financial assets
Other noncurrent assets	$	9	$	29	$	9	$	27
Total financial assets	$	9	$	29	$	9	$	27
Financial liabilities
Other current liabilities	$	80	$	127	$	80	$	126
Long-term debt, including current portion(a)	4,987		5,003		4,961		4,997
Deferred credits and other liabilities	70		72		70		71
Total financial liabilities	$	5,137	$	5,202	$	5,111	$	5,194

(a)Excludes debt issuance costs.