Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Assets and Liabilities at Fair Value

The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheet at December 31:

	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	$	11	$	10	$	11	$	10	$	—	$	—	$	—	$	—
Foreign Exchange Contracts	11		18		—		—		11		18		—		—
Total Assets at Fair Value	$	22	$	28	$	11	$	10	$	11	$	18	$	—	$	—
Liabilities:
Foreign Exchange Contracts	$	19	$	7	$	—	$	—	$	19	$	7	$	—	$	—
Total Liabilities at Fair Value	$	19	$	7	$	—	$	—	$	19	$	7	$	—	$	—

Supplemental Fair Value Information

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

	December 31,		December 31,
(In millions)	2019		2018
Fixed Rate Debt(1):
Carrying amount — liability	$	3,434	$	3,609
Fair value — liability	3,558		3,443
Variable Rate Debt(1):
Carrying amount — liability	$	1,632	$	1,707
Fair value — liability	1,632		1,689

(1)

Excludes Notes Payable and Overdrafts of $348 million and $410 million at December 31, 2019 and 2018, respectively, of which $143 million and $230 million, respectively, are at fixed rates and $205 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.