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FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
The estimated fair and carrying values of the Company's total debt were $1,971 million and $2,099 million, respectively, at June 30, 2024. At December 31, 2023, the estimated fair and carrying values were $2,018 million and $2,118 million, respectively. The fair value of long-term debt is determined by discounting future cash flows using interest rates available at June 30, 2024 and December 31, 2023 and interest rates for companies with similar credit ratings for issuances with similar terms and maturities. It is considered a Level 2 fair value measurement for disclosure purposes.

Assets and liabilities measured at fair value on a recurring basis

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, 2024
(in millions)TotalLevel 1Level 2Level 3
Assets
Cross currency basis swaps$15 $— $15 $— 
Foreign exchange forward contracts10 — 10 — 
Total assets$25 $— $25 $— 
Liabilities
Interest rate swaps$22 $— $22 $— 
Foreign exchange forward contracts10 — 10 — 
Contingent considerations on acquisitions4 — — 4 
Total liabilities$36 $— $32 $4 
December 31, 2023
(in millions)TotalLevel 1Level 2Level 3
Assets
Cross currency basis swaps$8 $— $8 $— 
Foreign exchange forward contracts8 — 8 — 
Total assets$16 $— $16 $— 
Liabilities
Interest rate swaps$28 $— $28 $— 
Foreign exchange forward contracts56 — 56 — 
Contingent considerations on acquisitions4 — — 4 
Total liabilities$88 $— $84 $4 

Derivative valuations are based on observable inputs to the valuation model including interest rates, foreign currency exchange rates, and credit risks.

There were no transfers between fair value measurement levels during the six months ended June 30, 2024.