FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:


	Fair Value Measurements at December 31, 2023
Financial assets:	Level 1		Level 2		Level 3		Total
Derivatives designated as hedge instruments
Cash flow hedges - interest rate swaps	$	—	$	7	$	—	$	7
Cash flow hedges - cross currency contracts	—		10		—		10
Net investment hedges - cross currency contracts	—		20		—		20
Fair value hedges - cross currency contracts	—		17		—		17
Derivatives not designated as hedge instruments
Foreign currency forward contracts	—		—		—		—
Total	$	—	$	54	$	—	$	54

Financial liabilities:
Derivatives not designated as hedge instruments
Foreign currency forward contracts	—		—		—		—
Contingent consideration obligations	—		—		(6)		(6)
Total	$	—	$	—	$	(6)	$	(6)


	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)

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,
	2023		2022		2021
Balance at the beginning of the year	$	4	$	4	$	7
Issuances	3		—		3
Settlements	(1)		—		(6)
Balance at the end of the year	$	6	$	4	$	4
Number of open contingent consideration arrangements at the end of the year	2		3		3
Maximum potential payout at the end of the year	$	6	$	4	$	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 variable and non-variable interest rate debt (instruments defined in Note 13 – “Debt”), including current portion and excluding unamortized debt issuance costs. Fair value 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 interest rates of the variable interest rate long-term debt instruments are generally reset monthly. During 2023, the Company completed repricing of its 2019 Term Loan and 2021 Term Loan and $422 of the 2019 Term Loan was extended to the 2021 Term Loan. During 2023, the Company also repaid an aggregate amount of $375 and $100 to the 2019 Term Loan and 2021 Term Loan, respectively.


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2019 Term Loan	$	330	$	331	$	1,127	$	1,120
2021 Term Loan	1,407		1,407		1,085		1,075
4.125% Senior Notes	337		305		337		284
4.750% Senior Notes	277		257		277		243