v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Summary of Fair Value Measurement Assets And Liabilities Measured On Recurring Basis
The following tables summarize the fair values and levels within the fair value hierarchy in which the measurements fall for assets and liabilities measured on a recurring basis as of June 30, 2024 and December 31, 2023:
Fair Value Measurements at June 30, 2024
Financial assets:Level 1Level 2 Level 3 Total
Derivatives designated as hedge instruments
Cash flow hedges - interest rate swaps$— $23 $— $23 
Cash flow hedges - cross currency contracts— 13 — 13 
Cash flow hedges - foreign currency forward contracts— — — — 
Net investment hedges - cross currency contracts— 25 — 25 
Fair value hedges - cross currency contracts— 33 — 33 
Derivatives not designated as hedge instruments
Foreign currency forward contracts— — — — 
Total$— $94 $— $94 
Financial liabilities:
Derivatives not designated as hedge instruments
Foreign currency forward contracts— — — — 
Contingent consideration obligations— — (6)(6)
Total$— $— $(6)$(6)
Fair Value Measurements at December 31, 2023
Financial assets:Level 1Level 2Level 3 Total
Derivatives designated as hedge instruments
Cash flow hedges - interest rate swaps$— $7 $— $7 
Cash flow hedges - cross currency contracts— 10 — 10 
Cash flow hedges - foreign currency forward contracts— — — — 
Net investment hedges - cross currency contracts— 20 — 20 
Fair value hedges - cross currency contracts— 17 — 17 
Derivatives not designated as hedge instruments
Foreign currency forward contracts— — — — 
Total$— $54 $— $54 
Financial liabilities:
Derivatives not designated as hedge instruments
Foreign currency forward contracts— — — — 
Contingent consideration obligations— — (6)(6)
Total$— $— $(6)$(6)
Summary of Reconciliation of Fair Value of Contingent Consideration Obligations
The table below presents a reconciliation of the fair value of the Company’s contingent consideration obligations that use unobservable inputs (Level 3), as well as other information about the contingent consideration obligations:
Six Months Ended
June 30, 2024
Balance as of December 31, 2023$6 
Issuances1 
Settlements(1)
Balance as of June 30, 2024$6 
Number of open contingent consideration arrangements at the end of the period6 
Maximum potential payout at the end of the period$6 
Summary of Carrying And Fair Value Of Non-Variable Interest Rate Debt
The following table presents the carrying amount and fair value of the Company’s variable and non-variable interest rate debt (instruments defined in Note 10 –“Debt”), including current portions and excluding unamortized debt issuance costs. Fair value is estimated by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The interest rates of the variable interest rate long-term debt instruments are generally reset monthly. During the first quarter of 2024, the Company upsized the 2021 Term Loan by an aggregate principal amount equal to $300. During the second quarter of 2024, the Company upsized the 2021 Term Loan by an aggregate principal amount equal to $550 and repriced the 2021 Term Loan and repaid the remaining $330 of the 2019 Term Loan.

June 30, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
2019 Term Loan$— $— $330 $331 
2021 Term Loan2,257 2,254 1,407 1,407 
4.125% Senior Notes
337 307 337 305 
4.750% Senior Notes
277 259 277 257