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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value, assets and liabilities measured on recurring basis

Assets and liabilities measured at fair value on a recurring basis consisted of the following:

Fair Value

(In millions)

Classification

Fair Value Hierarchy

June 30, 2024

December 31, 2023

Assets

Forward exchange contracts designated as cash flow hedges

Prepaid expenses and other current assets

Level 2

$

4

$

2

Cross-currency rate swap contract designated as fair value hedge

Prepaid expenses and other current assets

Level 2

2

—

Cross-currency rate swap contract designated as fair value hedge

Other long-term assets

Level 2

2

3

Liabilities

Cross-currency rate swap contracts designated as net investment hedges

Accounts payable and other current liabilities

Level 2

$

18

$

—

Cross-currency rate swap contracts designated as fair value hedges

Other long-term liabilities

Level 2

4

1

Cross-currency rate swap contracts designated as net investment hedges

Other long-term liabilities

Level 2

22

61

Contingent consideration

Accounts payable and other current liabilities

Level 3

3

2

Obligation to purchase redeemable noncontrolling interest

Accounts payable and other current liabilities

Level 3

95

—

Contingent debt guarantee

Other long-term liabilities

Level 3

19

23

X

- References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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