Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurements - Recurring & Disclosure

The fair values of certain financial instruments and the hierarchy level we used to estimate the fair values are shown below:


	December 31, 2022
			Hierarchy Level
	Carrying Value(1)		Level 1		Level 2		Level 3
	(in millions)
Assets:
Cash equivalents	$	338	$	—	$	338	$	—
Interest rate swap(2)	108		—		108		—
Liabilities:
Long-term debt(3)	8,619		5,292		—		2,616


	December 31, 2021
			Hierarchy Level
	Carrying Value(1)		Level 1		Level 2		Level 3
	(in millions)
Assets:
Cash equivalents	$	622	$	—	$	622	$	—
Liabilities:
Long-term debt(3)	8,619		6,180		—		2,599
Interest rate swaps(2)	41		—		41		—

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(1)The fair values of financial instruments not included in these tables are estimated to be equal to their carrying values.

(2)Interest rate swaps are included in other non-current assets or other long-term liabilities in our consolidated balance sheet depending on their value to us as of the balance sheet date. During the year ended December 31, 2022, one of the interest rate swaps that was outstanding as of December 31, 2021 matured. The remaining interest rate swap outstanding as of December 31, 2022 will mature in March 2026.

(3)The carrying value and fair values exclude the deduction for unamortized deferred financing costs and any applicable discounts, as well as all finance lease liabilities and other debt of consolidated VIEs; refer to Note 8: Debt for additional information.