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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023 and December 31, 2022:

 

 

 

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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

$

23

 

 

$

8

 

 

$

23

 

 

$

8

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

11

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

11

 

 

 

5

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

34

 

 

$

13

 

 

$

23

 

 

$

8

 

 

$

11

 

 

$

5

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

26

 

 

$

13

 

 

$

—

 

 

$

—

 

 

$

26

 

 

$

13

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

26

 

 

$

13

 

 

$

—

 

 

$

—

 

 

$

26

 

 

$

13

 

 

$

—

 

 

$

—

 
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, 2023 and December 31, 2022:

 

 

 

June 30,

 

 

December 31,

 

(In millions)

 

2023

 

 

2022

 

Fixed Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

5,768

 

 

$

5,766

 

Fair value — liability

 

 

5,395

 

 

 

5,198

 

 

 

 

 

 

 

Variable Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

2,249

 

 

$

1,474

 

Fair value — liability

 

 

2,191

 

 

 

1,437

 
(1)
Excludes Notes Payable and Overdrafts of $539 million and $395 million at June 30, 2023 and December 31, 2022, respectively, of which $190 million and $217 million, respectively, are at fixed rates and $349 million and $178 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.