Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Carrying Value and Fair Value of Other Financial Instruments
A summary of the carrying value and fair value of other financial instruments were as follows:
December 31, 2022 December 31, 2021
(In millions) Classification Carrying
Value
Fair Value Carrying
Value
Fair Value
Senior notes Level 1 $ 2,385  $ 2,311  $ 3,561  $ 3,911 
IRBs Level 1     68  66 
ABL Facility - outstanding balance Level 2 1,864  1,864  1,609  1,609 
Total $ 4,249  $ 4,175  $ 5,238  $ 5,586 
The valuation of financial assets classified in Level 2 was determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable.