Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Information About Assets and Liabilities Recorded at Fair Value

The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at June 30, 2019 and December 31, 2018:

	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)	2019		2018		2019		2018		2019		2018		2019		2018
Assets:
Investments	$	10	$	10	$	10	$	10	$	—	$	—	$	—	$	—
Foreign Exchange Contracts	15		18		—		—		15		18		—		—
Total Assets at Fair Value	$	25	$	28	$	10	$	10	$	15	$	18	$	—	$	—
Liabilities:
Foreign Exchange Contracts	$	16	$	7	$	—	$	—	$	16	$	7	$	—	$	—
Total Liabilities at Fair Value	$	16	$	7	$	—	$	—	$	16	$	7	$	—	$	—

Supplemental Fair Value Information About Debt, Excluding Capital Leases

The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at June 30, 2019 and December 31, 2018:

	June 30,		December 31,
(In millions)	2019		2018
Fixed Rate Debt:(1)
Carrying amount — liability	$	3,409	$	3,609
Fair value — liability	3,420		3,443
Variable Rate Debt:(1)
Carrying amount — liability	$	2,600	$	1,707
Fair value — liability	2,575		1,689

(1)

Excludes Notes Payable and Overdrafts of $480 million and $410 million at June 30, 2019 and December 31, 2018, respectively, of which $233 million and $230 million, respectively, are at fixed rates and $247 million and $180 million, respectively, are at variable rates.  The carrying value of Notes Payable and Overdrafts approximates fair value due to the short term nature of the facilities.