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FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of assets and liabilities at fair value | The Company’s financial assets and liabilities set forth by level within the fair value hierarchy that were accounted for at fair value on a recurring basis were as follows:
|  | June 30, 2022
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Cross currency basis swaps |  | $ | 26 |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |
Foreign exchange forward contracts |  | 55 |  |  | — |  |  | 55 |  |  | — |
Long-term debt |  | 25 |  |  | — |  |  | 25 |  |  | — |
Total assets |  | $ | 106 |  |  | $ | — |  |  | $ | 106 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 25 |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |
Foreign exchange forward contracts |  | 8 |  |  | — |  |  | 8 |  |  | — |
Contingent considerations on acquisitions |  | 9 |  |  | — |  |  | — |  |  | 9 |
Total liabilities |  | $ | 42 |  |  | $ | — |  |  | $ | 33 |  |  | $ | 9 |
|  | December 31, 2021
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Long-term debt |  | 4 |  |  | — |  |  | 4 |  |  | — |
Cross currency basis swaps |  | 4 |  |  | — |  |  | 4 |  |  | — |
Foreign exchange forward contracts |  | 30 |  |  | — |  |  | 30 |  |  | — |
Total assets |  | $ | 43 |  |  | $ | — |  |  | $ | 43 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 9 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |
Cross currency basis swaps |  | 7 |  |  | — |  |  | 7 |  |  | — |
Foreign exchange forward contracts |  | 4 |  |  | — |  |  | 4 |  |  | — |
Contingent considerations on acquisitions |  | 10 |  |  | — |  |  | — |  |  | 10 |
Total liabilities |  | $ | 30 |  |  | $ | — |  |  | $ | 20 |  |  | $ | 10 |

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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 http://asc.fasb.org/extlink&oid=123874694&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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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