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Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt |
|  | March 31, 2023 |  | December 31, 2022
(In millions) |  | Principal Balance |  | Carrying Value |  | Principal Balance |  | Carrying Value
Term loan facility |  | $ | 2,003 |  |  | $ | 1,983 |  |  | $ | 2,003 |  |  | $ | 1,981 |
6.25% senior notes due 2025 |  | 112 |  |  | 112 |  |  | 112 |  |  | 111 |
6.70% senior debentures due 2034 |  | 300 |  |  | 218 |  |  | 300 |  |  | 217 |
Finance leases, asset financing and other |  | 231 |  |  | 231 |  |  | 223 |  |  | 223 |
Total debt |  | 2,646 |  |  | 2,544 |  |  | 2,638 |  |  | 2,532 |
Short-term borrowings and current maturities of long-term debt |  | 66 |  |  | 66 |  |  | 59 |  |  | 59 |
Long-term debt |  | $ | 2,580 |  |  | $ | 2,478 |  |  | $ | 2,579 |  |  | $ | 2,473 |
Schedule of Fair Value of Debt | The fair value hierarchy of cash equivalents was as follows:
(In millions) |  | Carrying Value |  | Fair Value |  | Level 1
March 31, 2023 |  | $ | 238 |  |  | $ | 238 |  |  | $ | 238 |
December 31, 2022 |  | 402 |  |  | 402 |  |  | 402 |
The fair value of our debt and classification in the fair value hierarchy was as follows:
(In millions) |  | Fair Value |  | Level 1 |  | Level 2
March 31, 2023 |  | $ | 2,616 |  |  | $ | 395 |  |  | $ | 2,221 |
December 31, 2022 |  | 2,601 |  |  | 392 |  |  | 2,209 |

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