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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and are summarized as follows:
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | March 31, 2024 |  |  | 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 |  | $ | 370 |  |  | $ | 370 |  | $ | — |  |  | $ | — |
Time deposits |  |  | 13 |  |  |  | — |  |  | 13 |  |  |  | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |
Time deposits and certificates of deposit |  |  | 1 |  |  |  | — |  |  | 1 |  |  |  | — |
Group insurance contracts |  |  | 6 |  |  |  | — |  |  | 6 |  |  |  | — |
Derivatives |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  | 6 |  |  |  | — |  |  | 6 |  |  |  | — |
Interest rate hedges - current |  |  | 21 |  |  |  | — |  |  | 21 |  |  |  |
Interest rate hedges - non-current |  |  | 46 |  |  |  | — |  |  | 46 |  |  |  | — |
Pension and deferred compensation plan assets |  |  | 19 |  |  |  | — |  |  | 19 |  |  |  | — |
Total assets |  | $ | 482 |  |  | $ | 370 |  | $ | 112 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 1 |  |  | $ | — |  | $ | 1 |  |  | $ | — |
Total liabilities |  | $ | 1 |  |  | $ | — |  | $ | 1 |  |  | $ | — |
Reported as follows: |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents(1) |  | $ | 383 |  |  | $ | 370 |  | $ | 13 |  |  | $ | — |
Short-term investments |  |  | 1 |  |  |  | — |  |  | 1 |  |  |  | — |
Other current assets |  |  | 27 |  |  |  | — |  |  | 27 |  |  |  | — |
Total current assets |  | $ | 411 |  |  | $ | 370 |  | $ | 41 |  |  | $ | — |
Other assets |  | $ | 71 |  |  | $ | — |  | $ | 71 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | 1 |  |  | $ | — |  | $ | 1 |  |  | $ | — |
(1) The cash and cash equivalents amount presented in the table above does not include cash of $462 as of March 31, 2024. Assets and liabilities of the Company are measured at fair value on a recurring basis as of December 31, 2023 and are summarized as follows:
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | December 31, 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 |  | $ | 356 |  |  | $ | 356 |  |  | $ | — |  |  | $ | — |
Time deposits |  |  | 12 |  |  |  | — |  |  |  | 12 |  |  |  | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Group insurance contracts |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  |  | — |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |
Interest rate hedge - current |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | — |
Interest rate hedge - non-current |  |  | 41 |  |  |  | — |  |  |  | 41 |  |  |  | — |
Pension and deferred compensation plan assets |  |  | 19 |  |  |  | — |  |  |  | 19 |  |  |  | — |
Total assets |  | $ | 439 |  |  | $ | 356 |  |  | $ | 83 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Total liabilities |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Reported as follows: |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents (1) |  | $ | 368 |  |  | $ | 356 |  |  | $ | 12 |  |  | $ | — |
Other current assets |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  |  | — |
Total current assets |  | $ | 373 |  |  | $ | 356 |  |  | $ | 17 |  |  | $ | — |
Other assets |  | $ | 66 |  |  | $ | — |  |  | $ | 66 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
(1) The cash and cash equivalents amount presented in the table above does not include cash of $507 as of December 31, 2023.
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 March 31, 2024 and December 31, 2023 are as follows:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Outstanding debt |  | $ | 4,891 |  |  | $ | 4,894 |  |  | $ | 4,953 |  |  | $ | 4,965 |

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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 -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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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