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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
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, 2025
Assets    
Deferred compensation plan$17 $— $— $17 
Derivative instruments— 44 49 
$17 $$44 $66 
Liabilities   
Deferred compensation plan$17 $— $— $17 
Derivative instruments— 146 148 
$17 $$146 $165 
(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, 2024
Assets    
Deferred compensation plan$17 $— $— $17 
Derivative instruments— — 26 26 
$17 $— $26 $43 
Liabilities   
Deferred compensation plan$17 $— $— $17 
Derivative instruments— — 35 35 
$17 $— $35 $52 
Reconciliation of Changes in the Fair Value of Financial Assets and Liabilities Classified as Level 3
The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy:
Three Months Ended 
March 31,
(In millions)20252024
Balance at beginning of period$(9)$92 
Total loss included in earnings(112)— 
Settlement (gain) loss19 (26)
Balance at end of period$(102)$66 
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period$(93)$(1)
Carrying Amounts and Fair Values of Debt
The carrying amount and estimated fair value of debt are as follows:
 March 31, 2025December 31, 2024
(In millions)Carrying
Amount
Estimated Fair
Value
Carrying
Amount
Estimated Fair
Value
Long-term debt$4,280 $4,159 $3,535 $3,395