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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 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 |  | $ | 20 |  |  | $ | 19 |  |  | $ | 20 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign Exchange Contracts |  |  | 21 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Total Assets at Fair Value |  | $ | 41 |  |  | $ | 21 |  |  | $ | 20 |  |  | $ | 19 |  |  | $ | 21 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 9 |  |  | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 29 |  |  | $ | — |  |  | $ | — |
Total Liabilities at Fair Value |  | $ | 9 |  |  | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 29 |  |  | $ | — |  |  | $ | — |
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, 2024 and December 31, 2023:
|  | June 30, |  |  | December 31, |
(In millions) |  | 2024 |  |  | 2023 |
Fixed Rate Debt:(1) |  |  |  |  |  |
Carrying amount — liability |  | $ | 5,716 |  |  | $ | 5,720 |
Fair value — liability |  |  | 5,459 |  |  |  | 5,488 |
Variable Rate Debt:(1) |  |  |  |  |  |
Carrying amount — liability |  | $ | 2,034 |  |  | $ | 1,292 |
Fair value — liability |  |  | 1,998 |  |  |  | 1,286 |
(1) Excludes Notes Payable and Overdrafts of $462 million and $344 million at June 30, 2024 and December 31, 2023, respectively, of whic h $251 million and $111 million, respectively, are at fixed rates and $211 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.

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