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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024																								December 31, 2023
(in millions)						Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Assets:
Cash equivalents						$	567					$	557					$	10					$	—					$	425					$	417					$	8					$	—
Restricted cash						$	20					$	20					$	—					$	—					$	15					$	15					$	—					$	—
Foreign currency exchange contracts						$	10					$	—					$	10					$	—					$	3					$	—					$	3					$	—
Liabilities:
Acquisition-related contingent consideration						$	359					$	—					$	—					$	359					$	292					$	—					$	—					$	292
Cross-currency swaps						$	34					$	—					$	34					$	—					$	84					$	—					$	84					$	—
Foreign currency exchange contracts						$	5					$	—					$	5					$	—					$	6					$	—					$	6					$	—

Schedule of cross-currency swaps 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, 2024 and 2023 are as follows:

(in millions)			2024						2023
Other non-current liabilities			$	(40)					$	(90)
Prepaid expenses and other current assets			$	6					$	6
Net fair value			$	(34)					$	(84)

The assets and liabilities associated with the Company’s foreign exchange contracts as included in the Consolidated Balance Sheets as of December 31, 2024 and 2023 are as follows:

(in millions)			2024						2023
Accrued and other current liabilities			$	(5)					$	(6)
Prepaid expenses and other current assets			$	10					$	3
Net fair value			$	5					$	(3)

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 2024 and 2023:

(in millions)			2024						2023
Gain (loss) recognized in Other comprehensive loss			$	50					$	(45)
Gain excluded from assessment of hedge effectiveness			$	13					$	13
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 2024 and 2023:

(in millions)			2024						2023
Gain (loss) related to changes in fair value			$	8					$	(5)
Gain related to settlements			$	2					$	6

Schedule of assets and liabilities measured at fair value 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 2024 and 2023:

(in millions)						2024												2023
Beginning balance, January 1,												$	292											$	241
Adjustments to Acquisition-related contingent consideration:
Accretion for the time value of money						$	20											$	19
Fair value adjustments due to changes in estimates of other future payments						(5)												40
Acquisition-related contingent consideration												15												59
Additions (Note 3)												89												38
Payments / Settlements												(37)												(46)
Ending balance, December 31,												359												292
Current portion												49												39
Non-current portion												$	310											$	253

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of gains and losses on derivative instruments included in an entity's trading activities.

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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).

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Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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