Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table summarizes the principal balance and carrying value of our debt:


	June 30, 2026				December 31, 2025
(In millions)	Principal Balance		Carrying Value		Principal Balance		Carrying Value
Revolver	$	—	$	—	$	35	$	35
ABL Facility	65		65		—		—
7.50% Notes due 2027 (1)	—		—		355		351
6.375% Notes due 2031 (2)	400		394		—		—
Finance leases, asset financing and short-term debt	36		36		18		18
Total debt and obligations under finance leases	501		495		408		404
Less: Short-term debt and current maturities of long-term debt	36		36		17		17
Total long-term debt and obligations under finance leases	$	465	$	459	$	391	$	387

(1)The carrying value of the 7.50% Notes due 2027 is presented net of unamortized debt issuance cost and discount of $4 million as of December 31, 2025.

(2)The carrying value of the 6.375% Notes due 2031 is presented net of unamortized debt issuance cost of $6 million as of June 30, 2026.

The fair value of our debt and classification in the fair value hierarchy is as follows:


(In millions)	Level	June 30, 2026		December 31, 2025
Revolver	3	$	—	$	35
ABL Facility	3	65		—
7.50% Notes due 2027	1	—		363
6.375% Notes due 2031	1	407		—