Fair Value Measurements (Tables)

9 Months Ended

Sep. 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   September 30, 2024
Assets
Deferred compensation plan	$	16	$	—	$	—	$	16
Derivative instruments	—		—		56		56
	$	16	$	—	$	56	$	72
Liabilities
Deferred compensation plan	$	16	$	—	$	—	$	16
Derivative instruments	—		—		6		6
	$	16	$	—	$	6	$	22

(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:

	Nine Months Ended  September 30,
(In millions)	2024		2023
Balance at beginning of period	$	92	$	146
Total gain (loss) included in earnings	48		129
Settlement (gain) loss	(90)		(238)
Transfers in and/or out of Level 3	—		—
Balance at end of period	$	50	$	37
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$	30	$	20

Carrying Amounts and Fair Values of Debt

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

	September 30, 2024				December 31, 2023
(In millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Total debt	$	2,066	$	1,989	$	2,161	$	2,015
Current maturities	—		—		(575)		(565)
Long-term debt, excluding current maturities	$	2,066	$	1,989	$	1,586	$	1,450