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Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS

v3.22.1
FAIR VALUE MEASUREMENTS
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract] Ìý
FAIR VALUE MEASUREMENTS
NOTE 9 - FAIR VALUE MEASUREMENTS
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. See NOTE 13 - DERIVATIVE INSTRUMENTS for information on our derivative instruments, which are accounted for at fair value on a recurring basis.
A summary of the carrying value and fair value of other financial instruments were as follows:
(In Millions)
March 31, 2022 December 31, 2021
Classification
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Senior notes Level 1 $ 3,313Ìý $ 3,525Ìý $ 3,561Ìý $ 3,911Ìý
IRBs due 2024 to 2028 Level 1 —Ìý —Ìý 68Ìý 66Ìý
ABL Facility - outstanding balance Level 2 1,715Ìý 1,715Ìý 1,609Ìý 1,609Ìý
Total $ 5,028Ìý $ 5,240Ìý $ 5,238Ìý $ 5,586Ìý
The fair value of long-term debt was determined using quoted market prices.