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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 7. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of financial instruments has been estimated by the Company using available market information as of September 30, 2023 and December 31, 2022, and valuation methodologies considered appropriate. The estimates presented in the table below are not necessarily indicative of amounts the Company could realize in a current market exchange (in millions):
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Carrying |  |  | Estimated Fair |  |  | Carrying |  |  | Estimated Fair |
|  | Amount |  |  | Value |  |  | Amount |  |  | Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 91 |  |  | $ | 91 |  |  | $ | 118 |  |  | $ | 118 |
Investments in equity securities |  |  | 63 |  |  |  | 63 |  |  |  | 107 |  |  |  | 107 |
Available-for-sale debt securities |  |  | 173 |  |  |  | 173 |  |  |  | 179 |  |  |  | 179 |
Trading securities |  |  | 4 |  |  |  | 4 |  |  |  | 5 |  |  |  | 5 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
8% Senior Secured Notes due 2026 |  |  | 2,087 |  |  |  | 2,005 |  |  |  | 2,083 |  |  |  | 1,917 |
8% Senior Secured Notes due 2027 |  |  | 694 |  |  |  | 651 |  |  |  | 693 |  |  |  | 631 |
5⅝% Senior Secured Notes due 2027 |  |  | 1,843 |  |  |  | 1,635 |  |  |  | 1,833 |  |  |  | 1,633 |
6⅞% Senior Notes due 2028 |  |  | 750 |  |  |  | 406 |  |  |  | 749 |  |  |  | 389 |
6% Senior Secured Notes due 2029 |  |  | 868 |  |  |  | 729 |  |  |  | 865 |  |  |  | 751 |
5¼% Senior Secured Notes due 2030 |  |  | 1,455 |  |  |  | 1,171 |  |  |  | 1,448 |  |  |  | 1,166 |
4¾% Senior Secured Notes due 2031 |  |  | 1,054 |  |  |  | 751 |  |  |  | 1,053 |  |  |  | 766 |
6⅞% Junior-Priority Secured Notes due 2029 |  |  | 1,291 |  |  |  | 746 |  |  |  | 1,282 |  |  |  | 720 |
6⅛% Junior-Priority Secured Notes due 2030 |  |  | 1,169 |  |  |  | 635 |  |  |  | 1,164 |  |  |  | 615 |
ABL Facility and other debt |  |  | 259 |  |  |  | 259 |  |  |  | 85 |  |  |  | 85 |
The carrying value of the Company’s long-term debt in the above table is presented net of unamortized deferred debt issuance costs. The estimated fair value is determined using the methodologies discussed below in accordance with accounting standards related to the determination of fair value based on the U.S. GAAP fair value hierarchy as discussed in Note 8. The estimated fair value for financial instruments with a fair value that does not equal its carrying value is considered a Level 1 valuation. The Company utilizes the market approach and obtains indicative pricing through publicly available subscription services such as Bloomberg to determine fair values where relevant. Cash and cash equivalents. The carrying amount approximates fair value due to the short-term maturity of these instruments (less than three months). Investments in equity securities. Estimated fair value is based on closing price as quoted in public markets. Available-for-sale debt securities. Estimated fair value is based on closing price as quoted in public markets or other various valuation techniques. Trading securities. Estimated fair value is based on closing price as quoted in public markets. Senior Notes, Senior Secured Notes and Junior-Priority Secured Notes. Estimated fair value is based on the closing market price for these notes. ABL Facility and other debt. The carrying amount of the ABL Facility and all other debt approximates fair value due to the nature of these obligations.

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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