Debt (Tables)

3 Months Ended

Mar. 31, 2020



	March 31, 2020				December 31, 2019
(In millions)	Principal Balance		Carrying Value		Principal Balance		Carrying Value
ABL facility	$	600	$	600	$	—	$	—
Term loan facility	2,003		1,969		2,003		1,969
6.125% Senior notes due 2023	535		530		535		530
6.50% Senior notes due 2022	1,200		1,193		1,200		1,192
6.70% Senior debentures due 2034	300		208		300		208
6.75% Senior notes due 2024	1,000		987		1,000		987
Borrowings related to securitization program	181		181		—		—
Finance leases, asset financing and other	356		358		380		380
Total debt	6,175		6,026		5,418		5,266
Short-term borrowings and current maturities of long-term debt	260		260		84		84
Long-term debt	$	5,915	$	5,766	$	5,334	$	5,182

Schedule of Fair Value of Debt

The fair value hierarchy of cash equivalents was as follows:



(In millions)	Carrying Value		Fair Value		Level 1		Level 2
March 31, 2020	$	733	$	733	$	733	$	—
December 31, 2019	144		144		127		17

The fair value of our debt and classification in the fair value hierarchy was as follows:



(In millions)	Fair Value		Level 1		Level 2
March 31, 2020	$	6,052	$	2,981	$	3,071
December 31, 2019	5,580		3,190		2,390

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details