v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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)20252024202520242025202420252024
Assets:
Investments$13 $16 $13 $16 $— $— $— $— 
Foreign Exchange Contracts6 28 — — 6 28 — — 
Total Assets at Fair Value$19 $44 $13 $16 $6 $28 $— $— 
Liabilities:
Foreign Exchange Contracts$30 $3 $— $— $30 $3 $— $— 
Total Liabilities at Fair Value$30 $3 $— $— $30 $3 $— $— 
The following table presents information about long term fixed rate and variable rate debt, excluding finance leases, at December 31:
(In millions)December 31,
2025		December 31,
2024
Fixed Rate Debt(1):
Carrying amount — liability$4,496 $5,367 
Fair value — liability4,422 5,076 
Variable Rate Debt(1):
Carrying amount — liability$935 $1,600 
Fair value — liability935 1,590 
(1)Excludes Notes Payable and Overdrafts of $506 million and $558 million at December 31, 2025 and 2024, respectively, of which $216 million and $241 million, respectively, are at fixed rates and $290 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.
Long term debt with fair values of $4,291 million and $4,921 million at December 31, 2025 and 2024, respectively, were estimated using quoted Level 1 market prices. The carrying value of the remaining debt approximates fair value since the terms of the financing arrangements are similar to terms that could be obtained under current lending market conditions.