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Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 9. FAIR VALUE MEASUREMENTS

The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at September 30, 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

 

$

16

 

 

$

19

 

 

$

16

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

4

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

2

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

20

 

 

$

21

 

 

$

16

 

 

$

19

 

 

$

4

 

 

$

2

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

20

 

 

$

29

 

 

$

—

 

 

$

—

 

 

$

20

 

 

$

29

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

20

 

 

$

29

 

 

$

—

 

 

$

—

 

 

$

20

 

 

$

29

 

 

$

—

 

 

$

—

 

 

The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at September 30, 2024 and December 31, 2023:

 

 

 

September 30,

 

 

December 31,

 

(In millions)

 

2024

 

 

2023

 

Fixed Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

5,438

 

 

$

5,720

 

Fair value — liability

 

 

5,165

 

 

 

5,488

 

 

 

 

 

 

 

Variable Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

2,733

 

 

$

1,292

 

Fair value — liability

 

 

2,662

 

 

 

1,286

 
(1)
Excludes Notes Payable and Overdrafts of $587 million and $344 million at September 30, 2024 and December 31, 2023, respectively, of which $327 million and $111 million, respectively, are at fixed rates and $260 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.

Long term debt with fair values of $4,970 million and $5,301 million at September 30, 2024 and December 31, 2023, respectively, were estimated using quoted Level 1 market prices. The carrying value of the remaining debt was based upon internal estimates of fair value derived from market prices for similar debt.