Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024:

	June 30, 2025						December 31, 2024
	Amortized Cost		Fair Value (1)		Cash and Cash Equivalents		Amortized Cost		Fair Value (1)		Cash and Cash Equivalents
	(in millions)
Cash	$	874	$	874	$	874	$	742	$	742	$	742
Level 1:
Money market funds		324		324		324		322		322		322
Level 2:
Time deposits		14		14		14		—		—		—
Total	$	1,212	$	1,212	$	1,212	$	1,064	$	1,064	$	1,064

(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:

	June 30, 2025		December 31, 2024
	(in millions)
Foreign currency exchange-forward contracts (1) (2)	$	—	$	11

(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, 2024 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:

	June 30, 2025		December 31, 2024
	(in millions)
Accounts receivable	$	247	$	187
Contract assets		37		20
Total	$	284	$	207

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

The following table shows the aggregate principal and fair value amount of the 2026 Senior Notes and Term Loan B Facility as of the dates presented, classified as short-term and 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.

	June 30, 2025									December 31, 2024
	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	$	(1	)	$	344	$	332	$	345	$	(2	)	$	343	$	323
Term Loan B Facility (2)	$	845	$	(14	)	$	831	$	844	$	499	$	(6	)	$	493	$	504

(1)We estimate the fair value of the 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 first quarter of 2025, the Company increased its existing Term Loan B Facility in the amount of $350 million. Refer to “Note 6: Debt” for further information.