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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents Measured at Fair Value on a Recurring Basis

The following table shows our cash and cash equivalents that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, as well as their classification on our unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:

		September 30, 2024												December 31, 2023
		Amortized Cost				Fair Value (1)				Cash and Cash Equivalents				Amortized Cost				Fair Value (1)				Cash and Cash Equivalents
		(in millions)
Cash		$	816			$	816			$	816			$	685			$	685			$	685
Level 1:
Money market funds			296				296				296				382				382				382
Total		$	1,112			$	1,112			$	1,112			$	1,067			$	1,067			$	1,067

(1)We did not have any unrealized gains and losses related to our cash equivalents.

Notional Principal Amounts of Outstanding Derivative Instruments

The following table shows the notional principal amounts of our outstanding derivative instruments for the periods presented:

		September 30, 2024				December 31, 2023
		(in millions)
Foreign currency exchange-forward contracts (1) (2)		$	34			$	9

(1)Derivative contracts address foreign currency exchange fluctuations for the Euro versus the U.S. dollar. These outstanding derivatives are not designated as hedging instruments and have an original maturity period of 90 days or less.

(2)The fair value of our outstanding derivatives as of September 30, 2024 and December 31, 2023, respectively, was not material. The notional amount of a forward contract is the contracted amount of foreign currency to be exchanged and is not recorded on the unaudited condensed consolidated balance sheet.

Schedule of Accounts Receivable, Allowance for Expected Credit Loss

The following table provides information about the opening and closing balances of accounts receivable, including contract assets, net of allowance for expected credit losses, from contracts with customers as of the dates presented:

		September 30, 2024				December 31, 2023
		(in millions)
Accounts receivable		$	220			$	177
Contract assets			23				15
Total		$	243			$	192

Schedule of Aggregate Principal and Fair Value Amount of Outstanding 2025 Senior Notes, 2026 Senior Notes and Term Loan B Facility

The following table shows the aggregate principal and fair value amount of the 2025 Senior Notes, 2026 Senior Notes, and Term Loan B Facility as of the dates presented, primarily classified as long-term debt on our unaudited condensed consolidated balance sheets and are considered Level 2 fair value measurements. Refer to “Note 6: Debt” for additional information on the 2025 Senior Notes, 2026 Senior Notes, and Term Loan B Facility.

		September 30, 2024																December 31, 2023
		Principal				Unamortized Debt Issuance Costs				Carrying Value				Fair Value (1)				Principal				Unamortized Debt Issuance Costs				Carrying Value				Fair Value (1)
		(in millions)
2026 Senior Notes		$	345			$	(2	)		$	343			$	322			$	345			$	(3	)		$	342			$	304
Term Loan B Facility (2)		$	500			$	(6	)		$	494			$	499			$	—			$	—			$	—			$	—
2025 Senior Notes (2)		$	—			$	—			$	—			$	—			$	500			$	(3	)		$	497			$	502

(1)We estimate the fair value of the 2025 Senior Notes, 2026 Senior Notes, and Term Loan B Facility based on recently reported market transactions and/or prices for identical or similar financial instruments obtained from a third-party pricing source.

(2)During the third quarter of 2024, the Company issued the $500 million Term Loan B Facility and used these borrowed funds to redeem all $500 million aggregate principal amount of the Company's outstanding 2025 Senior Notes. Refer to “Note 6: Debt” for further information.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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