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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
March 31, 2024December 31, 2023
(In millions)Principal BalanceCarrying ValuePrincipal BalanceCarrying Value
Term loan facility$1,100 $1,088 $1,100 $1,087 
6.25% senior secured notes due 2028
830 822 830 822 
7.125% senior notes due 2031
450 445 450 445 
7.125% senior notes due 2032
585 575 585 575 
6.70% senior debentures due 2034
300 222 300 221 
Finance leases, asset financing and other234 234 254 254 
Total debt3,499 3,386 3,519 3,404 
Short-term borrowings and current maturities of long-term debt63 63 69 69 
Long-term debt$3,436 $3,323 $3,450 $3,335 
The fair value of our debt and classification in the fair value hierarchy was as follows:
(In millions)Fair ValueLevel 1Level 2
March 31, 2024$3,553 $2,226 $1,327 
December 31, 20233,583 2,235 1,348 
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, 2024, our borrowing base was $565 million and our availability under our Second Amended and Restated Revolving Credit Agreement, as amended (the “ABL Facility”) was $564 million after considering outstanding letters of credit of less than $1 million. As of March 31, 2024, we were in compliance with the ABL Facility’s financial covenants.
Letters of Credit Facility
As of March 31, 2024, we had issued $138 million in aggregate face amount of letters of credit under our $200 million uncommitted secured evergreen letter of credit facility.
Term Loan Facility
The applicable interest rate for the two tranches of the term loan facility approximated 7.32% as of March 31, 2024.