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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021 and December 31, 2020:

 

 

 

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)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

$

10

 

 

$

11

 

 

$

10

 

 

$

11

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

40

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

40

 

 

 

1

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

50

 

 

$

12

 

 

$

10

 

 

$

11

 

 

$

40

 

 

$

1

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

5

 

 

$

34

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

34

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

5

 

 

$

34

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

34

 

 

$

—

 

 

$

—

 
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, 2021 and December 31, 2020:

 

 

 

March 31,

 

 

December 31,

 

(In millions)

 

2021

 

 

2020

 

Fixed Rate Debt:(1)

 

 

 

 

 

 

 

 

Carrying amount — liability

 

$

4,050

 

 

$

4,094

 

Fair value — liability

 

 

4,216

 

 

 

4,283

 

 

 

 

 

 

 

 

 

 

Variable Rate Debt:(1)

 

 

 

 

 

 

 

 

Carrying amount — liability

 

$

1,416

 

 

$

1,240

 

Fair value — liability

 

 

1,404

 

 

 

1,197

 

(1)

Excludes Notes Payable and Overdrafts of $390 million and $406 million at March 31, 2021 and December 31, 2020, respectively, of which $260 million and $227 million, respectively, are at fixed rates and $130 million and $179 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.