Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS

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FAIR VALUE MEASUREMENTS
6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 9 - FAIR VALUE MEASUREMENTS
The carrying values of certain financial instruments (e.g., Accounts receivable, net, Accounts payable and Other current liabilities) approximate fair value and, therefore, have been excluded from the table below. A summary of the carrying value and fair value of other financial instruments were as follows:
(In Millions)
June 30, 2021 December 31, 2020
Classification
Carrying
Value
Fair Value
Carrying
Value
Fair
Value
Senior Notes Level 1 $ 3,548  $ 4,446  $ 3,802  $ 4,446 
IRBs due 2024 to 2028 Level 1 94  94  94  91 
EDC Revolving Facilities - outstanding balance Level 2 56  56  18  18 
ABL Facility - outstanding balance Level 2 1,670  1,670  1,510  1,510 
Total long-term debt $ 5,368  $ 6,266  $ 5,424  $ 6,065 
The fair value of long-term debt was determined using quoted market prices.