Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurement Assets And Liabilities Measured On Recurring Basis

The following tables summarize the fair values and levels within the fair value hierarchy in which the measurements fall for assets and liabilities measured on a recurring basis as of June 30, 2022 and December 31, 2021:

	Fair Value Measurements at June 30, 2022
	Level 1		Level 2			Level 3			Total
Financial assets:
Derivatives designated as hedge instruments
Cash flow hedges - interest rate swaps	$	—	$	23		$	—		$	23
Cash flow hedges - cross currency contracts		—		18			—			18
Net investment hedges		—		33			—			33
Fair value hedges		—		38			—			38
Derivatives not designated as hedge instruments
Foreign currency contracts		—		—			—			—
Total	$	—	$	112		$	—		$	112
Financial liabilities:
Derivatives designated as hedge instruments
Cash flow hedges - interest rate swaps	$	—	$	(10	)	$	—		$	(10	)
Fair value hedges		—		(1	)		—			(1	)
Derivatives not designated as hedge instruments
Foreign currency contracts		—		—			—			—
Contingent consideration obligations		—		—			(4	)		(4	)
Total	$	—	$	(11	)	$	(4	)	$	(15	)

	Fair Value Measurements at December 31, 2021
	Level 1		Level 2			Level 3			Total
Financial assets:
Derivatives designated as hedge instruments
Cash flow hedges - cross currency swaps	$	—	$	6		$	—		$	6
Net investment hedges		—		12			—			12
Total	$	—	$	18		$	—		$	18
Financial liabilities:
Derivatives designated as hedge instruments
Cash flow hedges - interest rate swaps	$	—	$	(11	)	$	—		$	(11	)
Derivatives not designated as hedge instruments
Foreign currency contracts		—		—			—			—
Contingent consideration obligations		—		—			(4	)		(4	)
Total	$	—	$	(11	)	$	(4	)	$	(15	)

Summary of Reconciliation of Fair Value of Contingent Consideration Obligations

The table below presents a reconciliation of the fair value of the Company’s contingent consideration obligations that use unobservable inputs (Level 3), as well as other information about the contingent consideration obligations:

	Six Months Ended June 30, 2022
Balance as of December 31, 2021	$	4
Issuances		—
Settlements		—
Adjustments to fair value		—
Balance as of June 30, 2022	$	4
Number of open contingent consideration arrangements at the end of period		3
Maximum potential payout at end of period	$	5

Summary of Carrying And Fair Value Of Non-Variable Interest Rate Debt

The following table presents the carrying amount and fair value of the Company’s non-variable interest rate debt (“4.125% Senior Notes,” and "4.750% Senior Notes," as defined in Note 12 – “Debt”), including current portion and excluding unamortized debt issuance costs, which is estimated by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The carrying values of variable interest rate long-term debt, including current portions and excluding accrued interest, approximate their fair values because of the variable interest rates of these instruments, which generally are reset monthly.

	June 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
4.125% Senior Notes	$	350	$	280	$	350	$	348
4.750% Senior Notes		300		241		300		305