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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
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 September 30, 2020 and December 31, 2019:

 

 

 

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)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

$

10

 

 

$

11

 

 

$

10

 

 

$

11

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

21

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

21

 

 

 

11

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

31

 

 

$

22

 

 

$

10

 

 

$

11

 

 

$

21

 

 

$

11

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

15

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

15

 

 

$

19

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

15

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

15

 

 

$

19

 

 

$

—

 

 

$

—

 
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 September 30, 2020 and December 31, 2019:

 

 

 

September 30,

 

 

December 31,

 

(In millions)

 

2020

 

 

2019

 

Fixed Rate Debt:(1)

 

 

 

 

 

 

 

 

Carrying amount — liability

 

$

4,059

 

 

$

3,434

 

Fair value — liability

 

 

4,054

 

 

 

3,558

 

 

 

 

 

 

 

 

 

 

Variable Rate Debt:(1)

 

 

 

 

 

 

 

 

Carrying amount — liability

 

$

1,812

 

 

$

1,632

 

Fair value — liability

 

 

1,725

 

 

 

1,632

 

(1)

Excludes Notes Payable and Overdrafts of $529 million and $348 million at September 30, 2020 and December 31, 2019, respectively, of which $268 million and $143 million, respectively, are at fixed rates and $261 million and $205 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.