Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022
Assets
Deferred compensation plan	$	40	$	—	$	—	$	40
Derivative instruments	—		2		68		70
	$	40	$	2	$	68	$	110
Liabilities
Deferred compensation plan	$	53	$	—	$	—	$	53
Derivative instruments	—		—		112		112
	$	53	$	—	$	112	$	165

(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, 2021
Assets
Deferred compensation plan	$	47	$	—	$	—	$	47
Derivative instruments	—		—		27		27
	$	47	$	—	$	27	$	74
Liabilities
Deferred compensation plan	$	56	$	—	$	—	$	56
Derivative instruments	—		—		179		179
	$	56	$	—	$	179	$	235

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)	2022		2021
Balance at beginning of period	$	(152)	$	24
Total gain (loss) included in earnings	(596)		(222)
Settlement (gain) loss	704		43
Transfers in and/or out of Level 3	—		—
Balance at end of period	$	(44)	$	(155)
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$	(11)	$	(157)

Carrying Amounts and Fair Values of Debt

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

	September 30, 2022				December 31, 2021
(In millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt	$	2,232	$	1,984	$	3,125	$	3,163
Current maturities	(44)		(44)		—		—
Long-term debt, excluding current maturities	$	2,188	$	1,940	$	3,125	$	3,163