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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities of the Company are measured at fair value on a recurring basis as of June 30, 2023 and are summarized as follows:


						Fair Value Measurements at Reporting Date Using
Description		June 30, 2023				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		$	116			$	116		$	—			$	—
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 hedges - non-current			106				—			106				—
Pension and deferred compensation plan assets			19				—			19				—
Total assets		$	255			$	116		$	139			$	—
Liabilities:
Derivatives
Foreign exchange forward contracts		$	2			$	—		$	2			$	—
Total liabilities		$	2			$	—		$	2			$	—
Reported as follows:
Assets:
Cash and cash equivalents		$	116			$	116		$	—			$	—
Short-term investments			1				—			1				—
Other current assets			7				—			7				—
Total current assets		$	124			$	116		$	8			$	—
Other assets		$	131			$	—		$	131			$	—
Liabilities:
Other current liabilities		$	2			$	—		$	2			$	—

Assets and liabilities of the Company are measured at fair value on a recurring basis as of December 31, 2022 and 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 hedges-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			$	—

Schedule of Estimated Carrying Value and Fair Value of Company's Debt

The estimated carrying value and fair value of the Company’s debt as of June 30, 2023 and December 31, 2022 are as follows:


		June 30, 2023								December 31, 2022
		Carrying Value				Fair Value				Carrying Value				Fair Value
Outstanding debt		$	5,086			$	5,073			$	5,122			$	5,071

The estimated carrying value and fair value of the Company’s debt