Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS

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FAIR VALUE MEASUREMENTS
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 11 - 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. See NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING for information on our derivative instruments, which are accounted for at fair value on a recurring basis.
A summary of the carrying value and fair value of other financial instruments were as follows:
September 30, 2023 December 31, 2022
(In millions) Classification Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Senior notes Level 1 $ 3,133  $ 2,983  $ 2,385  $ 2,311 
ABL Facility - outstanding balance Level 2 325  325  1,864  1,864 
Total $ 3,458  $ 3,308  $ 4,249  $ 4,175 
The valuation of financial assets classified in Level 2 were determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable.