v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 10. FAIR VALUE MEASUREMENTS

The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at March 31, 2025 and December 31, 2024:

 

 

 

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)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

$

16

 

 

$

16

 

 

$

16

 

 

$

16

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign Exchange Contracts

 

 

12

 

 

 

28

 

 

 

—

 

 

 

—

 

 

 

12

 

 

 

28

 

 

 

—

 

 

 

—

 

Total Assets at Fair Value

 

$

28

 

 

$

44

 

 

$

16

 

 

$

16

 

 

$

12

 

 

$

28

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

 

$

22

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

22

 

 

$

3

 

 

$

—

 

 

$

—

 

Total Liabilities at Fair Value

 

$

22

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

22

 

 

$

3

 

 

$

—

 

 

$

—

 

 

The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at March 31, 2025 and December 31, 2024:

 

 

 

March 31,

 

 

December 31,

 

(In millions)

 

2025

 

 

2024

 

Fixed Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

4,892

 

 

$

5,367

 

Fair value — liability

 

 

4,670

 

 

 

5,076

 

 

 

 

 

 

 

Variable Rate Debt:(1)

 

 

 

 

 

 

Carrying amount — liability

 

$

2,448

 

 

$

1,600

 

Fair value — liability

 

 

2,408

 

 

 

1,590

 
(1)
Excludes Notes Payable and Overdrafts of $436 million and $558 million at March 31, 2025 and December 31, 2024, respectively, of which $201 million and $241 million, respectively, are at fixed rates and $235 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 $4,507 million and $4,921 million at March 31, 2025 and December 31, 2024, 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.