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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Summary 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, 2022 and December 31, 2021:
|  |  | Basis of fair value measurements |  |  |  |
(in millions) | Balance at June 30, 2022 |  | 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 NAV 1
Assets: |  |  |  |  |  |  |  |  |  |  |
Receivables | $ | 20 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 18 |  |  | C |  | $ | — |
Long-term receivables | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | C |  | $ | — |
Investment in equity securities | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |  | $ | 28 |
Foreign currency contracts | $ | 18 |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | A |  | $ | — |
Net investment hedge contracts | $ | 73 |  |  | $ | — |  |  | $ | 73 |  |  | $ | — |  |  | A |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Current earn-out liability | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |  |  | C |  | $ | — |
Foreign currency contracts | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | A |  | $ | — |
|  |  | Basis of fair value measurements |  |  |  |
(in millions) | Balance at December 31, 2021 |  | 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 NAV 1
Assets: |  |  |  |  |  |  |  |  |  |  |
Investment in equity securities | $ | 87 |  |  | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | A |  | $ | 17 |
Long-term receivables | $ | 35 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 18 |  |  | C |  | $ | — |
Foreign currency contracts | $ | 13 |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | A |  | $ | — |
Net investment hedge contracts | $ | 8 |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | A |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 8 |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | A |  | $ | — |
Net investment hedge contracts | $ | 54 |  |  | $ | — |  |  | $ | 54 |  |  | $ | — |  |  | A |  | $ | — |
_____________________________ 1 Certain assets that are measured at fair value using the 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.

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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/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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