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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Assets and Liabilities measured at Fair Value on a Recurring Basis

The Company’s financial assets and liabilities set forth by level within the fair value hierarchy that were accounted for at fair value on a recurring basis were as follows:


	Year Ended December 31, 2024
(in millions)	Total		Level 1		Level 2		Level 3

Assets



Cross currency interest rate swaps	$	18	$	—	$	18	$	—
Foreign exchange forward contracts	18		—		18		—

Total assets	$	36	$	—	$	36	$	—

Liabilities
Interest rate swaps	$	21	$	—	$	21	$	—


Foreign exchange forward contracts	9		—		9		—

Contingent considerations on acquisitions	4		—		—		4

Total liabilities	$	34	$	—	$	30	$	4


	Year Ended December 31, 2023
(in millions)	Total		Level 1		Level 2		Level 3

Assets



Cross currency interest rate swaps	$	8	$	—	$	8	$	—
Foreign exchange forward contracts	8		—		8		—


Total assets	$	16	$	—	$	16	$	—

Liabilities
Interest rate swaps	$	28	$	—	$	28	$	—


Foreign exchange forward contracts	56		—		56		—

Contingent considerations on acquisitions	4		—		—		4

Total liabilities	$	88	$	—	$	84	$	4

Schedule of Reconciliation of the Company's Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Level 3)

The following table presents a reconciliation of the Company’s Level 3 holdings measured at fair value on a recurring basis using unobservable inputs:



(in millions)	Level 3

Balance, December 31, 2022	$	4


Payments	—

Balance, December 31, 2023	$	4


Payments	—

Balance, December 31, 2024	$	4

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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