| FAIR VALUE MEASUREMENTS The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | | | Assets: | | | | | | | | | | | | | | | | | | Investments | $ | 13 | | | $ | 13 | | | $ | 13 | | | $ | 13 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | Foreign Exchange Contracts | 38 | | | 6 | | | — | | | — | | | 38 | | | 6 | | | — | | | — | | | | Total Assets at Fair Value | $ | 51 | | | $ | 19 | | | $ | 13 | | | $ | 13 | | | $ | 38 | | | $ | 6 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | | | Foreign Exchange Contracts | $ | 16 | | | $ | 30 | | | $ | — | | | $ | — | | | $ | 16 | | | $ | 30 | | | $ | — | | | $ | — | | | | Total Liabilities at Fair Value | $ | 16 | | | $ | 30 | | | $ | — | | | $ | — | | | $ | 16 | | | $ | 30 | | | $ | — | | | $ | — | | |
The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31,
2025 | | Fixed Rate Debt:(1) | | | | | | Carrying amount — liability | $ | 5,516 | | | $ | 4,496 | | | | Fair value — liability | 5,293 | | | 4,422 | | | | | | | | Variable Rate Debt:(1) | | | | | | Carrying amount — liability | $ | 1,059 | | | $ | 935 | | | | Fair value — liability | 1,037 | | | 935 | | | (1)Excludes Notes Payable and Overdrafts of $359 million and $506 million at June 30, 2026 and December 31, 2025, respectively, of which $186 million and $216 million, respectively, are at fixed rates and $173 million and $290 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 $5,167 million and $4,291 million at June 30, 2026 and December 31, 2025, respectively, were estimated using quoted Level 1 market prices. The carrying value of the remaining long term debt approximates fair value since the terms of the financing arrangements are similar to terms that could be obtained under current lending market conditions.
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