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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
March 31, 2023December 31, 2022
(In millions)Principal BalanceCarrying ValuePrincipal BalanceCarrying 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 other231 231 223 223 
Total debt2,646 2,544 2,638 2,532 
Short-term borrowings and current maturities of long-term debt66 66 59 59 
Long-term debt$2,580 $2,478 $2,579 $2,473 
The fair value of our debt and classification in the fair value hierarchy was as follows:
(In millions)Fair ValueLevel 1Level 2
March 31, 2023$2,616 $395 $2,221 
December 31, 20222,601 392 2,209 
We valued Level 1 debt using quoted prices in active markets. We valued Level 2 debt using bid evaluation pricing models or quoted prices of securities with similar characteristics.
ABL Facility
As of March 31, 2023, our borrowing base and availability under our revolving loan credit agreement (the “ABL Facility”) was $502 million. Outstanding letters of credit were less than $1 million as of March 31, 2023. As of March 31, 2023, we were in compliance with the ABL Facility’s financial covenants.
Letters of Credit Facility
As of March 31, 2023, we had issued $154 million in aggregate face amount of letters of credit under our $200 million uncommitted secured evergreen letter of credit facility.
Term Loan Facility
The interest rate on our term loan facility was 6.45% as of March 31, 2023.