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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | NOTE 11. FAIR VALUE MEASUREMENTS The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at March 31, 2020 and December 31, 2019:
|  | 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 |  | $ | 9 |  |  | $ | 11 |  |  | $ | 9 |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign Exchange Contracts |  |  | 54 |  |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | 54 |  |  |  | 11 |  |  |  | — |  |  |  | — |
Total Assets at Fair Value |  | $ | 63 |  |  | $ | 22 |  |  | $ | 9 |  |  | $ | 11 |  |  | $ | 54 |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 8 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |
Total Liabilities at Fair Value |  | $ | 8 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |
The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at March 31, 2020 and December 31, 2019:
|  | March 31, |  |  | December 31, |
(In millions) |  | 2020 |  |  | 2019 |
Fixed Rate Debt:(1) |  |  |  |  |  |  |  |
Carrying amount — liability |  | $ | 3,436 |  |  | $ | 3,434 |
Fair value — liability |  |  | 3,111 |  |  |  | 3,558 |
Variable Rate Debt:(1) |  |  |  |  |  |  |  |
Carrying amount — liability |  | $ | 2,150 |  |  | $ | 1,632 |
Fair value — liability |  |  | 1,889 |  |  |  | 1,632 |
(1) | Excludes Notes Payable and Overdrafts of $691 million and $348 million at March 31, 2020 and December 31, 2019, respectively, of which $199 million and $143 million, respectively, are at fixed rates and $492 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.
Long term debt with fair values of $3,300 million and $3,808 million at March 31, 2020 and December 31, 2019, 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.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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