Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

The following table shows our cash equivalents, which are measured at fair value on a recurring basis and categorized using the fair value hierarchy, as well as their classification on our consolidated balance sheet as of December 31, 2022 (in millions):

	Amortized Cost		Fair Value (1)		Cash Equivalents
Level 2:
Term deposits	$	200	$	200	$	200
Total	$	200	$	200	$	200

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

Net Notional Principal Amounts of Outstanding Derivative Instruments

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

	December 31, 2022		December 31, 2021
	(in millions)
Foreign currency exchange-forward contracts (1)(2)	$	18	$	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 December 31, 2022 and 2021, 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 consolidated balance sheet.

Schedule of Aggregate Principal and Fair Value Amount of Outstanding 2025 Senior Notes and 2026 Senior Notes

The following table shows the aggregate principal and fair value amount of our outstanding 2025 Senior Notes and 2026 Senior Notes as of the periods presented, which are classified as long-term debt on our consolidated balance sheets, and considered Level 2 fair value measurements. Refer to “Note 9: Debt” for additional information related to our 2025 Senior Notes and 2026 Senior Notes.

	December 31, 2022		December 31, 2021
	(in millions)
2025 Senior Notes
Aggregate principal amount	$	500	$	500
Carrying value amount (1)		495		493
Fair value amount (2)		498		531
2026 Senior Notes
Aggregate principal amount	$	345	$	345
Carrying value amount (3)		341		340
Fair value amount (2)		281		305

(1)Net of $5 million and $7 million of unamortized debt issuance costs as of December 31, 2022 and 2021, respectively.

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

(3)Net of $4 million and $5 million of unamortized debt issuance costs as of December 31, 2022 and 2021, respectively.