FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026 and December 31, 2025:


	Fair Value Measurements at June 30, 2026
Financial assets:	Level 1		Level 2		Level 3		Total
Derivatives designated as hedge instruments:
Cash flow hedges:
Interest rate swaps	$	—	$	16	$	—	$	16
Cross-currency contracts	—		5		—		5
Foreign currency forward contracts	—		—		—		—
Fair value hedges – cross-currency contracts	—		17		—		17
Net investment hedges – cross-currency contracts	—		26		—		26
Derivatives not designated as hedge instruments:
Foreign currency forward contracts	—		4		—		4
Total	$	—	$	68	$	—	$	68

Financial liabilities:
Derivatives designated as hedge instruments:
Fair value hedges – cross-currency contracts	$	—	$	—	$	—	$	—
Net investment hedges – cross-currency contracts	—		—		—		—
Derivatives not designated as hedge instruments:
Foreign currency forward contracts	—		(1)		—		(1)
Contingent consideration obligations	—		—		(17)		(17)
Total	$	—	$	(1)	$	(17)	$	(18)


	Fair Value Measurements at December 31, 2025
Financial assets:	Level 1		Level 2		Level 3		Total
Derivatives designated as hedge instruments:
Cash flow hedges:
Interest rate swaps	$	—	$	1	$	—	$	1
Cross-currency contracts	—		3		—		3
Foreign currency forward contracts	—		—		—		—
Fair value hedges – cross-currency contracts	—		2		—		2
Net investment hedges – cross-currency contracts	—		10		—		10
Derivatives not designated as hedge instruments:
Foreign currency forward contracts	—		1		—		1
Total	$	—	$	17	$	—	$	17

Financial liabilities:
Derivatives not designated as hedge instruments:
Foreign currency forward contracts	$	—	$	(5)	$	—	$	(5)
Contingent consideration obligations	—		—		(16)		(16)
Total	$	—	$	(5)	$	(16)	$	(21)

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, as well as other information about the contingent consideration obligations:


	Six Months Ended June 30, 2026
Balance as of December 31, 2025	$	16
Issuances	3
Settlements	(2)
Balance as of June 30, 2026	$	17
Number of open contingent consideration arrangements at the end of the period	11
Maximum potential payout at the end of the period	$	18

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 fixed rate debt (instruments defined in Note 10 – “Debt”), including current portions 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, however can be set quarterly or semi-annually.


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
2021 Term Loan	$	2,152	$	2,149	$	2,157	$	2,162
4.125% Senior Notes	337		324		337		327
4.750% Senior Notes	277		270		277		271
5.750% Senior Notes	500		493		—		—