v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [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 September 30, 2025 and December 31, 2024:
Fair Value Measurements at September 30, 2025
Financial assets:Level 1Level 2Level 3Total
Derivatives designated as hedge instruments:
Cash flow hedges:
Interest rate swaps$— $1 $— $1 
Cross currency contracts— 3 — 3 
Foreign currency forward contracts— — — — 
Fair value hedges – cross currency contracts— 3 — 3 
Net investment hedges – cross currency contracts— 7 — 7 
Derivatives not designated as hedge instruments:
Foreign currency forward contracts— 7 — 7 
Total$— $21 $— $21 
Financial liabilities:
Derivatives designated as hedge instruments:
Fair value hedges – cross currency contracts— — — — 
Net investment hedges – cross currency contracts— (1)— (1)
Derivatives not designated as hedge instruments:
Foreign currency forward contracts— (5)— (5)
Contingent consideration obligations— — (18)(18)
Total$— $(6)$(18)$(24)
Fair Value Measurements at December 31, 2024
Financial assets:Level 1Level 2Level 3 Total
Derivatives designated as hedge instruments:
Cash flow hedges:
Interest rate swaps$— $25 $— $25 
Cross currency contracts— 14 — 14 
Foreign currency forward contracts— — — — 
Fair value hedges – cross currency contracts— 54 — 54 
Net investment hedges – cross currency contracts— 28 — 28 
Derivatives not designated as hedge instruments:
Foreign currency forward contracts— — — — 
Total$— $121 $— $121 
Financial liabilities:
Derivatives not designated as hedge instruments:
Foreign currency forward contracts— — — — 
Contingent consideration obligations— — (13)(13)
Total$— $— $(13)$(13)
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, as well as other information about the contingent consideration obligations:
Nine Months Ended
September 30, 2025
Balance as of December 31, 2024$13 
Issuances9 
Settlements(4)
Balance as of September 30, 2025$18 
Number of open contingent consideration arrangements at the end of the period11 
Maximum potential payout at the end of the period$18 
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.
September 30, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
2021 Term Loan$2,157 $2,157 $2,157 $2,155 
4.125% Senior Notes
337 324 337 305 
4.750% Senior Notes
277 270 277 259