Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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   March 31, 2023
Assets
Deferred compensation plan	$	42	$	—	$	—	$	42
Derivative instruments	—		—		185		185
	$	42	$	—	$	185	$	227
Liabilities
Deferred compensation plan	$	54	$	—	$	—	$	54
Derivative instruments	—		—		1		1
	$	54	$	—	$	1	$	55

(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:

	Three Months Ended  March 31,
(In millions)	2023		2022
Balance at beginning of period	$	146	$	(152)
Total gain (loss) included in earnings	138		(391)
Settlement (gain) loss	(100)		171
Transfers in and/or out of Level 3	—		—
Balance at end of period	$	184	$	(372)
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$	95	$	(291)

Carrying Amounts and Fair Values of Debt

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

	March 31, 2023				December 31, 2022
(In millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt	$	2,176	$	1,985	$	2,181	$	1,955