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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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 December 31, 2024, and are summarized as follows:

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

December 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

 

$

289

 

 

$

289

 

 

$

—

 

 

$

—

 

Time deposits

 

 

5

 

 

 

—

 

 

 

5

 

 

 

—

 

Equity securities

 

 

1

 

 

 

1

 

 

 

—

 

 

 

—

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Group insurance contracts

 

 

6

 

 

 

—

 

 

 

6

 

 

 

—

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

Interest rate swaps - current

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

Interest rate swaps - non-current

 

 

35

 

 

 

—

 

 

 

35

 

 

 

—

 

Pension and deferred compensation plan assets

 

 

22

 

 

 

—

 

 

 

22

 

 

 

—

 

Total assets

 

$

370

 

 

$

290

 

 

$

80

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts-current

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

Interest rate swaps - current

 

 

4

 

 

 

—

 

 

 

4

 

 

 

—

 

Total liabilities

 

$

7

 

 

$

—

 

 

$

7

 

 

$

—

 

Reported as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents (1)

 

$

294

 

 

$

289

 

 

$

5

 

 

$

—

 

Other current assets

 

 

12

 

 

 

—

 

 

 

12

 

 

 

—

 

Total current assets

 

$

306

 

 

$

289

 

 

$

17

 

 

$

—

 

Other assets

 

$

64

 

 

$

1

 

 

$

63

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

7

 

 

$

—

 

 

$

7

 

 

$

—

 

 

(1)
The cash and cash equivalents amount presented in the table above does not include cash of $420 as of December 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 caps - current

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

Interest rate swaps - 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 Fair Value and Carrying Value of Company's Debt

The estimated carrying value and fair value of the Company’s debt as of December 31, 2024 and 2023 is as follows:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Term Loan Facility

 

$

3,249

 

 

$

3,262

 

 

$

4,953

 

 

$

4,965

 

Convertible Notes

 

 

1,400

 

 

 

1,357

 

 

 

—

 

 

 

—

 

Total

 

$

4,649

 

 

$

4,619

 

 

$

4,953

 

 

$

4,965