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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt |
|  | September 30, 2024 |  | December 31, 2023
(In millions) |  | Principal Balance |  | Carrying Value |  | Principal Balance |  | Carrying Value
Term loan facility |  | $ | 1,100 |  |  | $ | 1,089 |  |  | $ | 1,100 |  |  | $ | 1,087 |
6.25% senior secured notes due 2028 |  | 830 |  |  | 823 |  |  | 830 |  |  | 822 |
7.125% senior notes due 2031 |  | 450 |  |  | 445 |  |  | 450 |  |  | 445 |
7.125% senior notes due 2032 |  | 585 |  |  | 576 |  |  | 585 |  |  | 575 |
6.70% senior debentures due 2034 |  | 300 |  |  | 224 |  |  | 300 |  |  | 221 |
Finance leases, asset financing and other |  | 254 |  |  | 254 |  |  | 254 |  |  | 254 |
Total debt |  | 3,519 |  |  | 3,411 |  |  | 3,519 |  |  | 3,404 |
Short-term borrowings and current maturities of long-term debt |  | 68 |  |  | 68 |  |  | 69 |  |  | 69 |
Long-term debt |  | $ | 3,451 |  |  | $ | 3,343 |  |  | $ | 3,450 |  |  | $ | 3,335 |
Schedule of Fair Value of Debt | The fair value hierarchy of cash equivalents was as follows:
(In millions) |  | Carrying Value |  | Fair Value |  | Level 1
September 30, 2024 |  | $ | 336 |  |  | $ | 336 |  |  | $ | 336 |
December 31, 2023 |  | 369 |  |  | 369 |  |  | 369 |
The fair value of our debt and classification in the fair value hierarchy was as follows:
(In millions) |  | Fair Value |  | Level 1 |  | Level 2
September 30, 2024 |  | $ | 3,616 |  |  | $ | 2,276 |  |  | $ | 1,340 |
December 31, 2023 |  | 3,583 |  |  | 2,235 |  |  | 1,348 |

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