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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 16. Fair Value Measurements

The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheet at December 31:

 

 

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)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

$

16

 

 

$

19

 

 

$

16

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

28

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

28

 

 

 

2

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

44

 

 

$

21

 

 

$

16

 

 

$

19

 

 

$

28

 

 

$

2

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

3

 

 

$

29

 

 

$

—

 

 

$

—

 

 

$

3

 

 

$

29

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

3

 

 

$

29

 

 

$

—

 

 

$

—

 

 

$

3

 

 

$

29

 

 

$

—

 

 

$

—

 

 

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

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2024

 

 

2023

 

Fixed Rate Debt(1):

 

 

 

 

 

 

Carrying amount — liability

 

$

5,367

 

 

$

5,720

 

Fair value — liability

 

 

5,076

 

 

 

5,488

 

Variable Rate Debt(1):

 

 

 

 

 

 

Carrying amount — liability

 

$

1,600

 

 

$

1,292

 

Fair value — liability

 

 

1,590

 

 

 

1,286

 

 

 

(1)
Excludes Notes Payable and Overdrafts of $558 million and $344 million at December 31, 2024 and 2023, respectively, of which $241 million and $111 million, respectively, are at fixed rates and $317 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 $4,921 million and $5,301 million at December 31, 2024 and 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.