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Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair value of financial assets and liabilities

The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases was Level 2. 

(in millions)						September 30, 2022						December 31, 2021
Assets:
Foreign exchange contract - forward						$	—					$	1
Total Assets						$	—					$	1
Liabilities:
Foreign exchange contracts - forward						$	3					$	2
Total Liabilities						$	3					$	2

Estimated fair values of financial assets and liabilities not measured at fair value on a recurring basis

The estimated fair values of other financial assets and liabilities were as follows:

			September 30, 2022												December 31, 2021
(in millions)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Liabilities:
Long-term debt			$	1,272					$	1,145					$	1,383					$	1,374

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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