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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2022, are summarized as follows:

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

December 31,
2022

 

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

 

Significant Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

60

 

 

$

60

 

 

$

—

 

 

$

—

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits and certificates of deposit

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Group insurance contracts

 

 

6

 

 

 

—

 

 

 

6

 

 

 

—

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

 

7

 

 

 

—

 

 

 

7

 

 

 

—

 

Interest rate hedge-non-current

 

 

104

 

 

 

—

 

 

 

104

 

 

 

—

 

Pension and deferred compensation plan assets

 

 

17

 

 

 

—

 

 

 

17

 

 

 

—

 

Total assets

 

$

195

 

 

$

60

 

 

$

135

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

$

8

 

 

$

—

 

 

$

8

 

 

$

—

 

Total liabilities

 

$

8

 

 

$

—

 

 

$

8

 

 

$

—

 

Reported as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

60

 

 

$

60

 

 

$

—

 

 

$

—

 

Short-term investments

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Other current assets

 

 

8

 

 

 

—

 

 

 

8

 

 

 

—

 

Total current assets

 

$

69

 

 

$

60

 

 

$

9

 

 

$

—

 

Other assets

 

$

126

 

 

$

—

 

 

$

126

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

8

 

 

$

—

 

 

$

8

 

 

$

—

 

 

Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2021, are summarized as follows:

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

December 31, 2021

 

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

 

Significant Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

55

 

 

$

55

 

 

$

—

 

 

$

—

 

U.S. treasury obligations

 

 

175

 

 

 

—

 

 

 

175

 

 

 

—

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits and certificates of deposit

 

 

22

 

 

 

—

 

 

 

22

 

 

 

—

 

Commercial paper

 

 

42

 

 

 

—

 

 

 

42

 

 

 

—

 

U.S. treasury obligations

 

 

12

 

 

 

—

 

 

 

12

 

 

 

—

 

U.S. agency obligations

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Group insurance contracts

 

 

6

 

 

 

—

 

 

 

6

 

 

 

—

 

Derivatives-foreign exchange forward contracts

 

 

4

 

 

 

—

 

 

 

4

 

 

 

—

 

Derivatives-foreign currency options

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

Derivatives-interest rate hedge-non-current

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

Funds in investments and other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Israeli pension assets

 

 

20

 

 

 

—

 

 

 

20

 

 

 

—

 

Deferred compensation plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds and exchange traded funds

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

Total assets

 

$

351

 

 

$

55

 

 

$

296

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives – foreign exchange forward contracts

 

$

1

 

 

$

—

 

 

$

1

 

 

$

—

 

Derivatives – interest rate hedge – non-current

 

 

5

 

 

 

—

 

 

 

5

 

 

 

—

 

Total liabilities

 

$

6

 

 

$

—

 

 

$

6

 

 

$

—

 

Reported as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

230

 

 

$

55

 

 

$

175

 

 

$

—

 

Short-term investments

 

 

77

 

 

 

—

 

 

 

77

 

 

 

—

 

Other current assets

 

 

7

 

 

 

—

 

 

 

7

 

 

 

—

 

Total current assets

 

$

314

 

 

$

55

 

 

$

259

 

 

$

—

 

Long-term investments

 

$

6

 

 

$

—

 

 

$

6

 

 

$

—

 

Other assets

 

 

31

 

 

 

—

 

 

 

31

 

 

 

—

 

Total long-term assets

 

$

37

 

 

$

—

 

 

$

37

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

1

 

 

$

—

 

 

$

1

 

 

$

—

 

Other liabilities

 

$

5

 

 

$

—

 

 

$

5

 

 

$

—

 

Other Fair Value Disclosures

The estimated fair value and carrying value of the Company’s debt as of December 31, 2022 and 2021 is as follows:

 

 

2022

 

 

2021

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Total debt, excluding deferred financing costs

 

$

5,122

 

 

$

5,071

 

 

$

825

 

 

$

824

 

 

The estimated fair value of the Company’s debt was determined using available market information based on recent trades or activity of debt instruments with substantially similar risks, terms and maturities, which fall within Level 2 under the fair value hierarchy.
Schedule of Estimated Fair Value and Carrying Value of Company's Debt

The estimated fair value and carrying value of the Company’s debt as of December 31, 2022 and 2021 is as follows:

 

 

2022

 

 

2021

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Total debt, excluding deferred financing costs

 

$

5,122

 

 

$

5,071

 

 

$

825

 

 

$

824