Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022:

	Fair Value Measurements at June 30, 2023
Financial assets:	Level 1		Level 2			Level 3			Total
Derivatives designated as hedge instruments
Cash flow hedges - interest rate swaps	$	—	$	25		$	—		$	25
Cash flow hedges - cross currency contracts		—		14			—			14
Cash flow hedges - foreign currency forward contracts		—		—			—			—
Net investment hedges - cross currency contracts		—		26			—			26
Fair value hedges - cross currency contracts		—		33			—			33
Derivatives not designated as hedge instruments
Foreign currency forward contracts		—		1			—			1
Total	$	—	$	99		$	—		$	99
Financial liabilities:
Derivatives not designated as hedge instruments
Foreign currency forward contracts		—		(1	)		—			(1	)
Contingent consideration obligations		—		—			(6	)		(6	)
Total	$	—	$	(1	)	$	(6	)	$	(7	)

	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
Cash flow hedges - foreign currency forward contracts		—		—		—			—
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	)

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, 2023
Balance as of December 31, 2022	$	4
Issuances		3
Settlements		(1	)
Adjustments to fair value		—
Balance as of June 30, 2023	$	6
Number of open contingent consideration arrangements at the end of the period		2
Maximum potential payout at the end of the period	$	6

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 term loans and senior notes (instruments defined in Note 10 – “Debt”), including current portions and excluding unamortized debt issuance costs. The fair values are estimated by discounting future cash flows at current interest rates for borrowing arrangements with similar terms and conditions. The inputs used to calculated fair value are considered to be Level 2 inputs under the fair value hierarchy. During the first quarter of 2023, the Company repaid an aggregate amount of $200, $100 to each of the 2019 Term Loan and 2021 Term Loan.

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2019 Term Loan	$	1,027	$	1,027	$	1,127	$	1,120
2021 Term Loan		985		986		1,085		1,075
4.125% Senior Notes		337		290		337		284
4.750% Senior Notes		277		248		277		243