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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

$

19

 

 

$

8

 

 

$

19

 

 

$

8

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

2

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

5

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

21

 

 

$

13

 

 

$

19

 

 

$

8

 

 

$

2

 

 

$

5

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

29

 

 

$

13

 

 

$

—

 

 

$

—

 

 

$

29

 

 

$

13

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

29

 

 

$

13

 

 

$

—

 

 

$

—

 

 

$

29

 

 

$

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 December 31:

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2023

 

 

2022

 

Fixed Rate Debt(1):

 

 

 

 

 

 

Carrying amount — liability

 

$

5,720

 

 

$

5,766

 

Fair value — liability

 

 

5,488

 

 

 

5,198

 

Variable Rate Debt(1):

 

 

 

 

 

 

Carrying amount — liability

 

$

1,292

 

 

$

1,474

 

Fair value — liability

 

 

1,286

 

 

 

1,437

 

 

(1)
Excludes Notes Payable and Overdrafts of $344 million and $395 million at December 31, 2023 and 2022, respectively, of which $111 million and $217 million, respectively, are at fixed rates and $233 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.