Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 and 2021:

	Fair Value Measurements at December 31, 2022
Financial assets:	Level 1		Level 2		Level 3			Total
Derivatives designated as hedge instruments
Cash flow hedges - interest rate swaps	$	—	$	14	$	—		$	14
Cash flow hedges - cross currency contracts		—		17		—			17
Net investment hedges - cross currency contracts		—		32		—			32
Fair value hedges - cross currency contracts		—		50		—			50
Derivatives not designated as hedge instruments
Foreign currency forward contracts		—		—		—			—
Total	$	—	$	113	$	—		$	113
Financial liabilities:
Derivatives not designated as hedge instruments
Foreign currency forward contracts		—		—		—			—
Contingent consideration obligations		—		—		(4	)		(4	)
Total	$	—	$	—	$	(4	)	$	(4	)

	Fair Value Measurements at December 31, 2021
Financial assets:	Level 1		Level 2			Level 3			Total
Derivatives designated as hedge instruments
Cash flow hedges - cross currency contracts	$	—	$	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 forward 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:

	Year Ended December 31,		Year Ended December 31,			Year Ended December 31,
	2022		2021			2020
Balance at the beginning of the year	$	4	$	7		$	7
Issuances		—		3			—
Settlements		—		(6	)		(4	)
Adjustments to fair value		—		—			4
Balance at the end of the year	$	4	$	4		$	7
Number of open contingent consideration arrangements at the end of the year		3		3			3
Maximum potential payout at the end of the year	$	4	$	5		$	7

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 variable and non-variable interest rate debt (instruments defined in Note 12 – “Debt”), including current portion and excluding unamortized debt issuance costs, which are 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 interest rates of the variable interest rate long-term debt instruments are generally reset monthly. During the year ended December 31, 2022, the Company repurchased $13 and $23 of the 4.125% Senior Notes and 4.750% Senior Notes, respectively.

	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
2019 Term Loan	$	1,127	$	1,120	$	1,140	$	1,139
2021 Term Loan		1,085		1,075		—		—
4.125% Senior Notes		337		284		350		348
4.750% Senior Notes		277		243		300		305