Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2022		2021		2022		2021		2022		2021
Assets:
Investments	$	8	$	10	$	8	$	10	$	—	$	—	$	—	$	—
Foreign Exchange Contracts		5		10		—		—		5		10		—		—
Total Assets at Fair Value	$	13	$	20	$	8	$	10	$	5	$	10	$	—	$	—
Liabilities:
Foreign Exchange Contracts	$	13	$	5	$	—	$	—	$	13	$	5	$	—	$	—
Total Liabilities at Fair Value	$	13	$	5	$	—	$	—	$	13	$	5	$	—	$	—

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)	2022		2021
Fixed Rate Debt(1):
Carrying amount — liability	$	5,766	$	5,781
Fair value — liability		5,198		6,149
Variable Rate Debt(1):
Carrying amount — liability	$	1,474	$	955
Fair value — liability		1,437		955

(1)Excludes Notes Payable and Overdrafts of $395 million and $406 million at December 31, 2022 and 2021, respectively, of which $217 million and $227 million, respectively, are at fixed rates and $178 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.