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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 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

 

$

12

 

 

$

11

 

 

$

12

 

 

$

11

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

23

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

23

 

 

 

1

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

35

 

 

$

12

 

 

$

12

 

 

$

11

 

 

$

23

 

 

$

1

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

3

 

 

$

34

 

 

$

—

 

 

$

—

 

 

$

3

 

 

$

34

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

3

 

 

$

34

 

 

$

—

 

 

$

—

 

 

$

3

 

 

$

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 September 30, 2021 and December 31, 2020:

 

 

 

September 30,

 

 

December 31,

 

(In millions)

 

2021

 

 

2020

 

Fixed Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

6,077

 

 

$

4,094

 

Fair value — liability

 

 

6,449

 

 

 

4,283

 

 

 

 

 

 

 

 

Variable Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

1,469

 

 

$

1,240

 

Fair value — liability

 

 

1,465

 

 

 

1,197

 
(1)
Excludes Notes Payable and Overdrafts of $497 million and $406 million at September 30, 2021 and December 31, 2020, respectively, of which $235 million and $227 million, respectively, are at fixed rates and $262 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.