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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
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 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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