XML 28 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at September 30, 2017 and December 31, 2016:
 
Total Carrying Value in the
Consolidated
Balance Sheet
 
Quoted Prices in Active Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant Unobservable
Inputs
(Level 3)
(In millions)
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
$
10

 
$
9

 
$
10

 
$
9

 
$

 
$

 
$

 
$

Foreign Exchange Contracts
6

 
41

 

 

 
6

 
41

 

 

Total Assets at Fair Value
$
16

 
$
50

 
$
10

 
$
9

 
$
6

 
$
41

 
$

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
$
20

 
$
18

 
$

 
$

 
$
20

 
$
18

 
$

 
$

Total Liabilities at Fair Value
$
20

 
$
18

 
$

 
$


$
20

 
$
18

 
$

 
$


The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding capital leases, at September 30, 2017 and December 31, 2016.
 
September 30,
 
December 31,
(In millions)
2017
 
2016
Fixed Rate Debt:
 
 
 
Carrying amount — liability
$
3,580

 
$
3,514

Fair value — liability
3,779

 
3,669

 
 
 
 
Variable Rate Debt:
 
 
 
Carrying amount — liability
$
2,495

 
$
1,679

Fair value — liability
2,477

 
1,678


Long term debt with a fair value of $3,883 million and $3,804 million at September 30, 2017 and December 31, 2016, respectively, was estimated using quoted Level 1 market prices.  The carrying value of the remaining long term debt is categorized within the Level 2 hierarchy and approximates fair value since the terms of the financing arrangements are similar to terms that could be obtained under current lending market conditions.