v3.25.2
FINANCIAL INSTRUMENTS, HEDGING ACTIVITIES AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Prepaid expenses and other current assets:
Cross-currency swaps (1)
$— $7 $— $7 $— $12 $— $12 
Other assets:
Cross-currency swaps (1)
— — — — — 5 — 5 
Investments in equity securities
1 — — 1 1 — — 1 
Liabilities:
Other accrued liabilities:
Interest rate swaps (2)
— — — — — 1 — 1 
Cross-currency swaps (1)
— 17 — 17 — — — — 
Contingent consideration— — 3 3 — — 2 2 
Other liabilities:
Cross-currency swaps (1)
— 85 — 85 — — — — 
Long-term borrowings:
2029 Dollar Term Loans— 1,702 — 1,702 — 1,709 — 1,709 
2027 Dollar Senior Notes— 497 — 497 — 490 — 490 
2029 Dollar Senior Notes— 664 — 664 — 637 — 637 
2031 Dollar Senior Notes— 528 — 528 — 519 — 519 
(1)    Net investment hedge
(2)    Cash flow hedge
Schedule of Fair Value, Liability Activity
The table below presents a roll forward of activity for the Level 3 liabilities for the six months ended June 30, 2025.
Fair Value Using Significant Unobservable Inputs
(Level 3)
Beginning balance at December 31, 2024
$2 
Business acquisition1 
Ending balance at June 30, 2025
$3 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table sets forth the locations and amounts recognized during the three and six months ended June 30, 2025 and 2024 for the Company's cash flow and net investment hedges.
Three Months Ended
June 30,
20252024
Derivatives in Cash Flow and Net Investment HedgesLocation of Loss (Gain) Recognized in Income on DerivativesNet Amount of Loss Recognized in OCI on DerivativesAmount of Gain Recognized in IncomeNet Amount of Gain Recognized in OCI on DerivativesAmount of Gain Recognized in Income
Interest rate swapsInterest expense, net$— $— $(1)$— 
Cross-currency swaps
Interest expense, net85 (4)(15)(4)
Six Months Ended
June 30,
20252024
Derivatives in Cash Flow and Net Investment HedgesLocation of Loss (Gain) Recognized in Income on DerivativesNet Amount of Loss Recognized in OCI on DerivativesAmount of Gain Recognized in IncomeNet Amount of Gain Recognized in OCI on DerivativesAmount of Gain Recognized in Income
Interest rate swapsInterest expense, net$— $— $(1)$— 
Cross-currency swaps
Interest expense, net105 (9)(48)(8)
Schedule of Derivatives Not Designated as Hedging Instruments
Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment are recorded in earnings as follows:
Derivatives Not Designated as Hedging
Instruments under ASC 815		Location of Gain Recognized in Income on DerivativesThree Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Foreign currency forward contractsOther expense (income), net$(17)$— $(22)$(4)