Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following table presents the fair value hierarchy levels of the Company’s assets and liabilities at fair value:


(in millions)			Fair Value Hierarchy						June 30, 2025						December 31, 2024
Measured at fair value on a recurring basis:
Interest rate derivative financial instrument assets			Level 2						$	36					$	69



Acquisition related contingent consideration			Level 3						$	14					$	13
Put options - exercised not settled (1)			Level 1						$	50					$	—
Put options - not exercised (1)			Level 3						$	92					$	107

Measured at fair value on a non-recurring basis:

Other investments (included in Other assets) (2)			Level 3						$	20					$	18

Disclosed at fair value:
Long-term debt (3)			Level 3						$	5,691					$	4,868
Kloosterboer Preference Shares (4)			Level 3						$	282					$	259

(1) For more details, refer to Note 2, Capital structure and noncontrolling interests, including the reclassification between levels.
(2) The investments in equity securities carried at fair value are subject to transfer restrictions and generally cannot be sold without consent.
(3) The carrying value of long-term debt is disclosed in Note 9, Debt.
(4) The carrying value of Kloosterboer Preference Shares is disclosed in Note 14, Other long-term liabilities.