Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
Assets
Deferred compensation plan	$	35	$	—	$	—	$	35
Derivative instruments	—		—		74		74
	$	35	$	—	$	74	$	109
Liabilities
Deferred compensation plan	$	35	$	—	$	—	$	35
Derivative instruments	—		—		8		8
	$	35	$	—	$	8	$	43

(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
	$	33	$	—	$	93	$	126
Liabilities
Deferred compensation plan	$	33	$	—	$	—	$	33
Derivative instruments	—		—		1		1
	$	33	$	—	$	1	$	34

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)	2024		2023
Balance at beginning of period	$	92	$	146
Total gain (loss) included in earnings	—		138
Settlement (gain) loss	(26)		(100)
Transfers in and/or out of Level 3	—		—
Balance at end of period	$	66	$	184
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$	(1)	$	95

Carrying Amounts and Fair Values of Debt

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

	March 31, 2024				December 31, 2023
(In millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Total debt	$	2,651	$	2,508	$	2,161	$	2,015
Current maturities	(575)		(568)		(575)		(565)
Long-term debt, excluding current maturities	$	2,076	$	1,940	$	1,586	$	1,450