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Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Carrying Amount of Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments:

			December 31, 2023																								December 31, 2022
			Carrying						Fair Value																		Carrying						Fair Value
			Amount						Level 1						Level 2						Level 3						Amount						Level 1						Level 2						Level 3
			(millions)
Cash equivalents (a)			$	36					$	—					$	36					$	—					$	—					$	—					$	—					$	—
Long-term notes receivable — related party			4						—						—						4						4						—						—						4
Short-term borrowings (a)			165						—						165						—						330						—						330						—
Long-term debt (b)			$	3,065					$	—					$	2,850					$	—					$	3,059					$	—					$	2,701					$	—

______________________________________

(a)Short-term borrowings and money market cash equivalents are stated at cost, which approximates fair value.

(b)Carrying value represents principal of $3,099 million, net of unamortized debt discounts and issuance costs.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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X

- References

No definition available.

+ Details

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