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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023:

 

 

 

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)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

$

21

 

 

$

19

 

 

$

21

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

18

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

18

 

 

 

2

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

39

 

 

$

21

 

 

$

21

 

 

$

19

 

 

$

18

 

 

$

2

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

5

 

 

$

29

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

29

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

5

 

 

$

29

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

29

 

 

$

—

 

 

$

—

 
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 March 31, 2024 and December 31, 2023:

 

 

 

March 31,

 

 

December 31,

 

(In millions)

 

2024

 

 

2023

 

Fixed Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

5,707

 

 

$

5,720

 

Fair value — liability

 

 

5,455

 

 

 

5,488

 

 

 

 

 

 

 

Variable Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

1,907

 

 

$

1,292

 

Fair value — liability

 

 

1,869

 

 

 

1,286

 
(1)
Excludes Notes Payable and Overdrafts of $388 million and $344 million at March 31, 2024 and December 31, 2023, respectively, of which $170 million and $111 million, respectively, are at fixed rates and $218 million and $233 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.