Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.20.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block] The following represents the assets and liabilities measured at fair value as of December 31, 2019:
(In Millions)
December 31, 2019
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)		 Significant Other Observable Inputs
(Level 2)		 Significant Unobservable Inputs
(Level 3)		 Total
Assets:
Cash equivalents - Commercial paper $ —  $ 188  $ —  $ 188 
Other current assets:
Customer supply agreement —  —  45  45 
Total $ —  $ 188  $ 45  $ 233 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
(In Millions)
Level 3 Assets
2020 2019
Beginning balance - January 1 $ 45  $ 89 
Total gains included in earnings 122  79 
Settlements (27) (123)
Settlement of pre-existing relationship (140) — 
Ending balance - December 31 $ —  $ 45 
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date $ —  $ 45 
Schedule Of Carrying Value And Fair Value Of Financial Instruments A summary of the carrying value and fair value of other financial instruments were as follows:
(In Millions)
December 31, 2020 December 31, 2019
Classification Carrying
Value		 Fair Value Carrying
Value		 Fair Value
Senior notes Level 1 $ 3,802  $ 4,446  $ 2,114  $ 2,237 
IRBs due 2024 to 2028 Level 1 94  91  —  — 
EDC Revolving Facility - outstanding balance Level 2 18  18  —  — 
ABL Facility - outstanding balance Level 2 1,510  1,510  —  — 
Total $ 5,424  $ 6,065  $ 2,114  $ 2,237