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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
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 December 31, 2021 and 2020:

 

 

 

Fair Value Measurements at December 31, 2021

 

Assets (liabilities)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Derivatives designated as hedge instruments

 

 

 

 

 

 

 

 

 

 

 

 

Cross currency swaps

 

$

—

 

 

$

6

 

 

$

—

 

 

$

6

 

Interest rate swaps

 

 

—

 

 

 

(11

)

 

 

—

 

 

 

(11

)

Net investment hedges

 

 

—

 

 

 

12

 

 

 

—

 

 

 

12

 

Derivatives not designated as hedge instruments

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Contingent consideration obligations

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

(4

)

 

 

$

—

 

 

$

7

 

 

$

(4

)

 

$

3

 

 

 

 

 

Fair Value Measurements at December 31, 2020

 

Assets (liabilities)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Derivatives designated as hedge instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

—

 

 

$

(35

)

 

$

—

 

 

$

(35

)

Derivatives not designated as hedge instruments

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

—

 

 

 

(9

)

 

 

—

 

 

 

(9

)

Contingent consideration obligations

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

(7

)

 

 

$

—

 

 

$

(44

)

 

$

(7

)

 

$

(51

)
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:

 

 

 

Year Ended
December 31,

 

 

Year Ended
December 31,

 

 

Year Ended
December 31,

 

 

Period From
January 1, 2019
Through
September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

 

2019

 

 

 

(Successor)

 

 

(Successor)

 

 

(Successor)

 

 

(Predecessor)

 

Balance at beginning of period

 

$

7

 

 

$

7

 

 

$

—

 

 

$

13

 

Issuances

 

 

3

 

 

 

—

 

 

 

8

 

 

 

—

 

Settlements

 

 

(6

)

 

 

(4

)

 

 

—

 

 

 

(3

)

Adjustments to fair value

 

 

—

 

 

 

4

 

 

 

(1

)

 

 

(1

)

Balance at end of period

 

$

4

 

 

$

7

 

 

$

7

 

 

$

9

 

Number of open contingent consideration arrangements at the end of period

 

 

3

 

 

 

3

 

 

 

5

 

 

 

9

 

Maximum potential payout at end of period

 

$

5

 

 

$

7

 

 

$

11

 

 

$

13

 
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 non-variable interest rate debt (“4.125% Senior Notes,” and "4.750% Senior Notes," as defined in Note 11 – “Debt”), including current portion and excluding unamortized debt issuance costs, which 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 carrying values of variable interest rate long-term debt, including current portions and excluding accrued interest, approximate their fair values because of the variable interest rates of these instruments, which generally are reset monthly.

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

4.750% Senior Notes

 

$

350

 

 

$

348

 

 

$

—

 

 

$

—

 

4.125% Senior Notes

 

 

300

 

 

 

305

 

 

 

—

 

 

 

—