Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 Sheets at June 30, 2021 and December 31, 2020:

	Total Carrying Value    in the    Consolidated    Balance Sheets				Quoted Prices in Active    Markets for Identical    Assets/Liabilities    (Level 1)				Significant Other Observable Inputs (Level 2)				Significant    Unobservable    Inputs    (Level 3)
(In millions)	2021		2020		2021		2020		2021		2020		2021		2020
Assets:
Investments	$	20	$	11	$	20	$	11	$	—	$	—	$	—	$	—
Foreign Exchange Contracts		21		1		—		—		21		1		—		—
Total Assets at Fair Value	$	41	$	12	$	20	$	11	$	21	$	1	$	—	$	—
Liabilities:
Foreign Exchange Contracts	$	6	$	34	$	—	$	—	$	6	$	34	$	—	$	—
Total Liabilities at Fair Value	$	6	$	34	$	—	$	—	$	6	$	34	$	—	$	—

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 June 30, 2021 and December 31, 2020:

	June 30,		December 31,
(In millions)	2021		2020
Fixed Rate Debt:(1)
Carrying amount — liability	$	5,632	$	4,094
Fair value — liability		5,924		4,283
Variable Rate Debt:(1)
Carrying amount — liability	$	1,622	$	1,240
Fair value — liability		1,617		1,197

(1)Excludes Notes Payable and Overdrafts of $459 million and $406 million at June 30, 2021 and December 31, 2020, respectively, of which $282 million and $227 million, respectively, are at fixed rates and $177 million and $179 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.