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FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
FAIR VALUE OF FINANCIAL INSTRUMENTS | There were no significant assets or liabilities measured at fair value as of December 31, 2020. The following represents the assets and liabilities measured at fair value as of December 31, 2019:
| (In Millions)
| December 31, 2019
| Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents - Commercial paper | $ | — |  |  | $ | 188 |  |  | $ | — |  |  | $ | 188 |
Other current assets: |  |  |  |  |  |  |
Customer supply agreement | — |  |  | — |  |  | 45 |  |  | 45 |
Total | $ | — |  |  | $ | 188 |  |  | $ | 45 |  |  | $ | 233 |
The valuation of financial assets classified in Level 2 was determined using a market approach based upon quoted prices for similar assets in active markets, or other inputs that were observable. Our supply agreement with ArcelorMittal USA contained provisions for supplemental revenue or refunds based on the HRC price in the year the iron ore product was consumed in ArcelorMittal USA’s blast furnaces. We accounted for these provisions as derivative instruments at the time of sale and adjusted the derivative instruments to fair value through Revenues each reporting period until the product was consumed and the amounts were settled. These instruments were classified as Level 3 assets. Upon the completion of the AM USA Transaction, the outstanding derivatives were settled as part of acquisition accounting. The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
| (In Millions)
| Level 3 Assets
| 2020 |  | 2019
Beginning balance - January 1 | $ | 45 |  |  | $ | 89 |
Total gains included in earnings | 122 |  |  | 79 |
Settlements | (27) |  |  | (123) |
Settlement of pre-existing relationship | (140) |  |  | — |
Ending balance - December 31 | $ | — |  |  | $ | 45 |
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | $ | — |  |  | $ | 45 |
The carrying values of certain financial instruments (e.g. Accounts receivable, net, Accounts payable and Other current liabilities) approximate fair value and, therefore, have been excluded from the table below. A summary of the carrying value and fair value of other financial instruments were as follows:
|  |  | (In Millions)
|  |  | December 31, 2020 |  | December 31, 2019
| Classification |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Senior notes | Level 1 |  | $ | 3,802 |  |  | $ | 4,446 |  |  | $ | 2,114 |  |  | $ | 2,237 |
IRBs due 2024 to 2028 | Level 1 |  | 94 |  |  | 91 |  |  | — |  |  | — |
EDC Revolving Facility - outstanding balance | Level 2 |  | 18 |  |  | 18 |  |  | — |  |  | — |
ABL Facility - outstanding balance | Level 2 |  | 1,510 |  |  | 1,510 |  |  | — |  |  | — |
Total |  |  | $ | 5,424 |  |  | $ | 6,065 |  |  | $ | 2,114 |  |  | $ | 2,237 |
The fair value of both current and long-term debt was determined using quoted market prices.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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