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Risk Management and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Risk Management and Fair Value of Financial Instruments [Abstract]

Schedule of Derivative Instruments

Notional Value (in millions)			Commencement Date			Expiration Date
$450			November 2017			November 2022
$400			August 2020			August 2025
$150			November 2022			November 2027

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments was as follows:

Not Designated as Hedging Instruments

Balance Sheet Location

December 31, 2020

December 31, 2019

Interest rate swap contracts

Other current and non-current liabilities

81

47

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The effect of derivative instruments on earnings was as follows:

Derivative Instruments Not Designated as Hedging Instruments						Location of Loss or (Gain) Recognized for Derivative Instruments						Loss or (Gain) Recognized on Derivatives
												Year Ended December 31,
												2020						2019						2018
Interest rate swap contracts						Interest expense						$	51					$	39					$	4
Foreign exchange contracts						Operating expense						—						—						(1)

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

The following table summarizes fair value measurements by level at December 31, 2020 for assets and liabilities measured at fair value on a recurring basis:

			Level I						Level II						Level III						Total
Deferred compensation plan assets (included in other non-current assets)			$	1					$	—					$	—					$	1
Interest rate swaps (included in other non-current liabilities)			—						81						—						81
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)			—						—						3						3

The following table summarizes fair value measurements by level at December 31, 2019 for assets and liabilities measured at fair value on a recurring basis:

			Level I						Level II						Level III						Total
Deferred compensation plan assets (included in other non-current assets)			$	2					$	—					$	—					$	2
Interest rate swaps (included in other current and non-current liabilities)			—						47						—						47
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)			—						—						4						4

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents changes in Level III financial liabilities measured at fair value on a recurring basis:

						Level III
Fair value of contingent consideration at December 31, 2019						$	4
Additions: contingent consideration related to acquisitions completed during the period						1
Reductions: payments of contingent consideration						(2)
Changes in fair value (reflected in general and administrative expenses)						—
Fair value of contingent consideration at December 31, 2020						$	3

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table summarizes the principal amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:

			December 31, 2020												December 31, 2019
Debt			Principal Amount						Estimated Fair Value (a)						Principal Amount						Estimated Fair Value (a)
Senior Secured Credit Facility:
Revolving Credit Facility			$	—					$	—					$	190					$	190
Term Loan B Facility			1,048						1,032						1,058						1,048
Term Loan A Facility:
Term Loan A			684						671						717						705
7.625% Senior Secured Second Lien Notes			550						595						—						—
5.25% Senior Notes			—						—						550						557
4.875% Senior Notes			407						415						407						401
9.375% Senior Notes			550						609						550						572

_______________

(a)The fair value of the Company's indebtedness is categorized as Level II.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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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).

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