Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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   June 30, 2024
Assets
Deferred compensation plan	$	16	$	—	$	—	$	16
Derivative instruments	—		—		25		25
	$	16	$	—	$	25	$	41
Liabilities
Deferred compensation plan	$	16	$	—	$	—	$	16
Derivative instruments	—		—		11		11
	$	16	$	—	$	11	$	27

(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:

	Six Months Ended  June 30,
(In millions)	2024		2023
Balance at beginning of period	$	92	$	146
Total gain (loss) included in earnings	(16)		126
Settlement (gain) loss	(62)		(184)
Transfers in and/or out of Level 3	—		—
Balance at end of period	$	14	$	88
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$	(26)	$	42

Carrying Amounts and Fair Values of Debt

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

	June 30, 2024				December 31, 2023
(In millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Total debt	$	2,646	$	2,504	$	2,161	$	2,015
Current maturities	(575)		(572)		(575)		(565)
Long-term debt, excluding current maturities	$	2,071	$	1,932	$	1,586	$	1,450