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

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

$

11

 

 

$

11

 

 

$

11

 

 

$

11

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

1

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

11

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

12

 

 

$

22

 

 

$

11

 

 

$

11

 

 

$

1

 

 

$

11

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

34

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

34

 

 

$

19

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

34

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

34

 

 

$

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 December 31:

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2020

 

 

2019

 

Fixed Rate Debt(1):

 

 

 

 

 

 

 

 

Carrying amount — liability

 

$

4,094

 

 

$

3,434

 

Fair value — liability

 

 

4,283

 

 

 

3,558

 

Variable Rate Debt(1):

 

 

 

 

 

 

 

 

Carrying amount — liability

 

$

1,240

 

 

$

1,632

 

Fair value — liability

 

 

1,197

 

 

 

1,632

 

 

(1)

Excludes Notes Payable and Overdrafts of $406 million and $348 million at December 31, 2020 and 2019, respectively, of which $227 million and $143 million, respectively, are at fixed rates and $179 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.