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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of 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 June 30, 2025 and December 31, 2024:
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)20252024202520242025202420252024
Assets:
Investments$16 $16 $16 $16 $— $— $— $— 
Foreign Exchange Contracts28 — — 28 — — 
Total Assets at Fair Value$21 $44 $16 $16 $5 $28 $ $ 
Liabilities:
Foreign Exchange Contracts$55 $$— $— $55 $$— $— 
Total Liabilities at Fair Value$55 $3 $ $ $55 $3 $ $ 
Schedule of 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 June 30, 2025 and December 31, 2024:
(In millions)June 30,
2025
December 31,
2024
Fixed Rate Debt:(1)
Carrying amount — liability$5,027 $5,367 
Fair value — liability4,933 5,076 
Variable Rate Debt:(1)
Carrying amount — liability$2,045 $1,600 
Fair value — liability2,013 1,590 
(1)Excludes Notes Payable and Overdrafts of $499 million and $558 million at June 30, 2025 and December 31, 2024, respectively, of which $190 million and $241 million, respectively, are at fixed rates and $309 million and $317 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.