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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of components and classification of financial assets and liabilities measured at fair value on a recurring basis | The following fair value hierarchy table presents the components and classification of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of:
|  | December 31, 2023 |  | December 31, 2022
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 425 |  |  | $ | 417 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 94 |  |  | $ | 85 |  |  | $ | 9 |  |  | $ | — |
Restricted cash and other settlement deposits |  | $ | 15 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 27 |  |  | $ | 27 |  |  | $ | — |  |  | $ | — |
Foreign currency exchange contracts |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration |  | $ | 292 |  |  | $ | — |  |  | $ | — |  |  | $ | 292 |  |  | $ | 241 |  |  | $ | — |  |  | $ | — |  |  | $ | 241 |
Cross-currency swaps |  | $ | 84 |  |  | $ | — |  |  | $ | 84 |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |
Foreign currency exchange contracts |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
Schedule of assets and liabilities associated with derivatives, included in the Consolidated Balance Sheets | The assets and liabilities associated with the Company’s cross-currency swaps as included in the Consolidated Balance Sheets as of December 31, 2023 and 2022 are as follows:
(in millions) | 2023 |  | 2022
Other non-current liabilities | $ | (90) |  |  | $ | (45) |
Prepaid expenses and other current assets | $ | 6 |  |  | $ | 6 |
Net fair value | $ | (84) |  |  | $ | (39) |
The assets and liabilities associated with the Company’s foreign exchange contracts as included in the Consolidated Balance Sheets as of December 31, 2023 and 2022 are as follows:
(in millions) | 2023 |  | 2022
Accrued and other current liabilities | $ | (6) |  |  | $ | (4) |
Prepaid expenses and other current assets | $ | 3 |  |  | $ | 6 |
Net fair value | $ | (3) |  |  | $ | 2 |
Schedule of effect of hedging instruments on financial statements | The following table presents the effect of hedging instruments on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss for 2023 and 2022:
(in millions) | 2023 |  | 2022
Loss recognized in Other comprehensive loss | $ | 45 |  |  | $ | 45 |
Gain excluded from assessment of hedge effectiveness | $ | 13 |  |  | $ | 6 |
Location of gain of excluded component | Interest Expense
Schedule of foreign exchange contracts on the Consolidated Statements of Operations and Consolidated Statements of Cash Flows | The following table presents the effect of the Company’s foreign exchange contracts on the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for 2023 and 2022:
(in millions) | 2023 |  | 2022
(Loss) Gain related to changes in fair value | $ | (5) |  |  | $ | 2 |
Gain (loss) related to settlements | $ | 6 |  |  | $ | (20) |
Schedule of reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs | The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3) for the years 2023 and 2022:
(in millions) |  | 2023 |  | 2022
Beginning balance, January 1, |  |  |  | $ | 241 |  |  |  |  | $ | 241 |
Adjustments to Acquisition-related contingent consideration: |  |  |  |  |  |  |  |
Accretion for the time value of money |  | $ | 19 |  |  |  |  | $ | 16 |  |  |
Fair value adjustments due to changes in estimates of other future payments |  | 40 |  |  |  |  | 12 |  |  |
Acquisition-related contingent consideration |  |  |  | 59 |  |  |  |  | 28 |
Additions (Note 3) |  |  |  | 38 |  |  |  |  | — |
Payments / Settlements |  |  |  | (46) |  |  |  |  | (28) |
Ending balance, December 31, |  |  |  | 292 |  |  |  |  | 241 |
Current portion |  |  |  | 39 |  |  |  |  | 34 |
Non-current portion |  |  |  | $ | 253 |  |  |  |  | $ | 207 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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