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Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS

v3.24.2
FAIR VALUE MEASUREMENTS
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract] Ìý
FAIR VALUE MEASUREMENTS
NOTE 11 - 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 12 - DERIVATIVE INSTRUMENTS AND HEDGING 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:
June 30, 2024 December 31, 2023
(In millions) Valuation Hierarchy Classification Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Senior notes Level 1 $ 3,137Ìý $ 3,083Ìý $ 3,137Ìý $ 3,118Ìý
ABL Facility - outstanding balance Level 2 370Ìý 370Ìý —Ìý —Ìý
Total $ 3,507Ìý $ 3,453Ìý $ 3,137Ìý $ 3,118Ìý
The valuation of the financial asset 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.