Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2023
Assets
Deferred compensation plan	$	33	$	—	$	—	$	33
Derivative instruments	—		—		93		93
Total assets	$	33	$	—	$	93	$	126
Liabilities
Deferred compensation plan	$	33	$	—	$	—	$	33
Derivative instruments	—		—		1		1
Total liabilities	$	33	$	—	$	1	$	34

(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
Total assets	$	43	$	—	$	147	$	190
Liabilities
Deferred compensation plan	$	55	$	—	$	—	$	55
Derivative instruments	—		—		1		1
Total liabilities	$	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:

	Year Ended December 31,
(In millions)	2023		2022		2021
Balance at beginning of period	$	146	$	(152)	$	24
Total gain (loss) included in earnings	230		(446)		(532)
Settlement (gain) loss	(284)		744		356
Balance at end of period	$	92	$	146	$	(152)
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$	92	$	179	$	(154)

Carrying Amounts and Fair Values of Debt

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

	December 31, 2023				December 31, 2022
(In millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Total debt	$	2,161	$	2,015	$	2,181	$	1,955
Current maturities	(575)		(565)		—		—
Long-term debt, excluding current maturities	$	1,586	$	1,450	$	2,181	$	1,955