FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of assets and liabilities at fair value

The Company’s financial assets and liabilities set forth by level within the fair value hierarchy that were accounted for at fair value on a recurring basis were as follows:



	March 31, 2022
(in millions)	Total		Level 1		Level 2		Level 3

Assets

Interest rate swaps	$	2	$	—	$	2	$	—

Cross currency basis swaps	4		—		4		—
Foreign exchange forward contracts	37		—		37		—
Long-term debt	18		—		18		—
Total assets	$	61	$	—	$	61	$	—

Liabilities
Interest rate swaps	$	20	$	—	$	20	$	—


Foreign exchange forward contracts	7		—		7		—

Contingent considerations on acquisitions	9		—		—		9
Total liabilities	$	36	$	—	$	27	$	9



	December 31, 2021
(in millions)	Total		Level 1		Level 2		Level 3

Assets

Interest rate swaps	$	5	$	—	$	5	$	—

Long term debt	4		—		4		—
Cross currency basis swaps	4		—		4		—
Foreign exchange forward contracts	30		—		30		—

Total assets	$	43	$	—	$	43	$	—

Liabilities
Interest rate swaps	$	9	$	—	$	9	$	—

Cross currency basis swaps	7		—		7		—
Foreign exchange forward contracts	4		—		4		—

Contingent considerations on acquisitions	10		—		—		10

Total liabilities	$	30	$	—	$	20	$	10