FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Assets and Liabilities Measured at Fair Value

The following tables classify assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:


			Basis of fair value measurements
(in millions)	Balance at June 30, 2025		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique	Assets measured at NAV1
Assets:


Investment in equity securities	$	26	$	—	$	—	$	—	—	$	26
Foreign currency contracts	$	17	$	—	$	17	$	—	A	$	—
Net investment hedge contracts	$	13	$	—	$	13	$	—	A	$	—
Liabilities:
Current earn-out liabilities	$	3	$	—	$	—	$	3	C	$	—

Net investment hedge contracts	$	113	$	—	$	113	$	—	A	$	—
Foreign currency contracts	$	36	$	—	$	36	$	—	A	$	—


			Basis of fair value measurements
(in millions)	Balance at December 31, 2024		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique	Assets measured at NAV1
Assets:

Investment in equity securities	$	25	$	—	$	—	$	—	—	$	25
Foreign currency contracts	$	24	$	—	$	24	$	—	A	$	—
Net investment hedge contracts	$	84	$	—	$	84	$	—	A	$	—
Liabilities:
Current earn-out liabilities	$	4	$	—	$	—	$	4	C	$	—
Non-current earn-out liabilities	$	3	$	—	$	—	$	3	C	$	—
Foreign currency contracts	$	32	$	—	$	32	$	—	A	$	—

_____________________________

1 Certain assets that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These amounts represent investments in commingled and managed funds that have underlying assets in fixed income securities, equity securities and other assets and the fair values have been estimated using the net asset value of the Company's ownership interest in partners' capital. The Company’s redemption of its investments with the funds is governed by the partnership agreements and subject to approval from the general partners. With the exception of annual distributions in connection with the Company’s deemed tax liability, distributions from each fund will be received as the underlying investments of the funds are liquidated, the timing of which is unknown.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the Company’s Level 3 earn-out assets and liabilities:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

(in millions)	Current earn-out liabilities		Non-current earn-out liabilities




Balance at January 1, 2025	$	4	$	3


Earn-out settlements	(4)		—
Reclassification	3		(3)
Balance at June 30, 2025	$	3	$	—