Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Details of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of the dates presented:


	December 31, 2023		December 31, 2022
	(in millions)
Accrued salary, bonus, and other employee-related benefits	$	70	$	65
Accrued marketing costs		67		68
Interest payable (1)		17		17
Income taxes payable - current (2)		6		16
Finance lease liability - current portion (3)		6		6
Operating lease liabilities - current portion (3)		10		14
Restructuring and other related reorganization costs (4)		13		—
Non-income taxes payable		16		7
Other		53		54
Total	$	258	$	247

(1)

Amount relates primarily to unpaid interest accrued on our 2025 Senior Notes. Refer to “Note 8: Debt” for further information.

(2)

Refer to “Note 10: Income Taxes” for further information regarding our income tax liabilities.

(3)

Refer to “Note 5: Leases” for further information regarding our lease obligations.

(4)

During the third quarter of 2023, the Company approved and subsequently initiated a set of actions across its businesses in order to reduce its cost structure, improve operational efficiencies, and realign its workforce with its strategic initiatives. These actions taken by the Company resulted in reduced global headcount. As a result, the Company incurred estimated pre-tax restructuring and other related reorganization costs of $22 million during the year ended December 31, 2023, consisting primarily of employee severance and related benefits. Potential job position eliminations in each country remain subject to local law and consultation requirements, which have extended beyond 2023 in certain countries. Therefore, actual costs incurred may differ

from estimated costs recorded as of December 31, 2023. We expect the majority of remaining unpaid costs as of December 31, 2023 to be disbursed during the first quarter of 2024.

Summary of Restructuring and Other Related Reorganization Costs

The following table summarizes our restructuring and other related reorganization costs for the year ended December 31, 2023:


	Carrying Value
	(in millions)
Accrued liability as of December 31, 2022	$	—
Charges		22
Payments		(9	)
Accrued liability as of December 31, 2023	$	13