Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 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)	2021		2020		2021		2020		2021		2020		2021		2020
Assets:
Investments	$	10	$	11	$	10	$	11	$	—	$	—	$	—	$	—
Foreign Exchange Contracts		10		1		—		—		10		1		—		—
Total Assets at Fair Value	$	20	$	12	$	10	$	11	$	10	$	1	$	—	$	—
Liabilities:
Foreign Exchange Contracts	$	5	$	34	$	—	$	—	$	5	$	34	$	—	$	—
Total Liabilities at Fair Value	$	5	$	34	$	—	$	—	$	5	$	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 December 31:

	December 31,		December 31,
(In millions)	2021		2020
Fixed Rate Debt(1):
Carrying amount — liability	$	5,781	$	4,094
Fair value — liability		6,149		4,283
Variable Rate Debt(1):
Carrying amount — liability	$	955	$	1,240
Fair value — liability		955		1,197

(1)Excludes Notes Payable and Overdrafts of $406 million at both December 31, 2021 and 2020, of which $227 million are at fixed rates and $179 million are at variable rates for both periods. The carrying value of Notes Payable and Overdrafts approximates fair value due to the short term nature of the facilities.