The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: In February 2016, we agreed to make a capital commitment subject to certain qualifications of up to $125 to Acre, a limited partnership formed to make venture capital investments in innovative new companies in food and food-related industries. Acre is managed by its general partner, Acre Ventures GP, LLC, which is independent of us. We were the sole limited partner of Acre and owned a 99.8% interest. Acre was a VIE. We entered into an agreement to sell our interest in Acre on April 26, 2020, and completed the sale on May 8, 2020, for $30 resulting in a loss of $45 recognized in the third quarter as a result of the pending sale. We consolidated Acre and accounted for the third party ownership as a noncontrolling interest. Through the date of the sale, we funded $86 of the capital commitment. Acre elected the fair value option to account for qualifying investments to more appropriately reflect the value of the investments in the financial statements. The investments were $76 as of July 28, 2019, and are included in Other assets on the Consolidated Balance Sheet. Changes in the fair values of investments for which the fair value option was elected were included in Other expenses / (income) on the Consolidated Statements of Earnings. Current assets and liabilities of Acre were not material as of July 28, 2019. We categorize financial assets and liabilities based on the following fair value hierarchy: Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. 74 • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. 17. Fair Value Measurements 16. Variable Interest Entity Amount of (Gain) Loss Recognized in Earnings on Derivatives Derivatives Not Designated as Hedges Location of (Gain) Loss Recognized in Earnings 2020 2019 2018 Foreign exchange forward contracts Cost of products sold $ (1) $ —  $ (1) Foreign exchange forward contracts Other expenses / (income) 2 —  (1) Commodity derivative contracts Cost of products sold 12 6  (2) Commodity derivative contracts Earnings (loss) from discontinued operations — (1) —  Deferred compensation derivative contracts Administrative expenses (2) (2) (2) Treasury rate lock contracts Interest expense (3) —  (18) Total $ 8 $ 3  $ (24)