Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities of the Company are measured at fair value on a recurring basis as of March 31, 2024 and are summarized as follows:

			Fair Value Measurements at Reporting Date Using
Description	March 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	370	$	370	$	—	$	—
Time deposits		13		—		13		—
Available-for-sale securities:
Time deposits and certificates of deposit		1		—		1		—
Group insurance contracts		6		—		6		—
Derivatives
Foreign exchange forward contracts		6		—		6		—
Interest rate hedges - current		21		—		21
Interest rate hedges - non-current		46		—		46		—
Pension and deferred compensation plan assets		19		—		19		—
Total assets	$	482	$	370	$	112	$	—
Liabilities:
Derivatives
Foreign exchange forward contracts	$	1	$	—	$	1	$	—
Total liabilities	$	1	$	—	$	1	$	—
Reported as follows:
Assets:
Cash and cash equivalents(1)	$	383	$	370	$	13	$	—
Short-term investments		1		—		1		—
Other current assets		27		—		27		—
Total current assets	$	411	$	370	$	41	$	—
Other assets	$	71	$	—	$	71	$	—
Liabilities:
Other current liabilities	$	1	$	—	$	1	$	—

(1) The cash and cash equivalents amount presented in the table above does not include cash of $462 as of March 31, 2024.

Assets and liabilities of the Company are measured at fair value on a recurring basis as of December 31, 2023 and are summarized as follows:

			Fair Value Measurements at Reporting Date Using
Description	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	356	$	356	$	—	$	—
Time deposits		12		—		12		—
Available-for-sale securities:
Group insurance contracts		6		—		6		—
Derivatives
Foreign exchange forward contracts		2		—		2		—
Interest rate hedge - current		3		—		3		—
Interest rate hedge - non-current		41		—		41		—
Pension and deferred compensation plan assets		19		—		19		—
Total assets	$	439	$	356	$	83	$	—
Liabilities:
Derivatives
Foreign exchange forward contracts	$	5	$	—	$	5	$	—
Total liabilities	$	5	$	—	$	5	$	—
Reported as follows:
Assets:
Cash and cash equivalents (1)	$	368	$	356	$	12	$	—
Other current assets		5		—		5		—
Total current assets	$	373	$	356	$	17	$	—
Other assets	$	66	$	—	$	66	$	—
Liabilities:
Other current liabilities	$	5	$	—	$	5	$	—

(1) The cash and cash equivalents amount presented in the table above does not include cash of $507 as of December 31, 2023.

Schedule of Estimated Carrying Value and Fair Value of Company's Debt

The estimated carrying value and fair value of the Company’s debt as of March 31, 2024 and December 31, 2023 are as follows:

	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Outstanding debt	$	4,891	$	4,894	$	4,953	$	4,965