Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Investments All Other Investments [Abstract]

Net Notional Principal Amounts of Outstanding Derivative Instruments

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

	March 31, 2021		December 31, 2020
	(in millions)
Foreign currency exchange-forward contracts (1) (2)	$	9	$	3

(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 March 31, 2021 and December 31, 2020, 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 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, classified as long-term debt on our unaudited condensed consolidated balance sheets, and was considered Level 2 fair value measurements. Refer to “Note 5: Debt” for additional information on our 2025 Senior Notes and 2026 Senior Notes.

	March 31, 2021		December 31, 2020
	(in millions)
2025 Senior Notes
Aggregate principal amount	$	500	$	500
Carrying value amount (1)		492		491
Fair value amount (2)		541		542
2026 Senior Notes
Aggregate principal amount	$	345	$	—
Carrying value amount (3)		339		—
Fair value amount (2)		364		—

(1) Net of $8 million and $9 million of unamortized debt issuance costs as of March 31, 2021 and December 31, 2020, 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 $6 million in unamortized debt issuance costs.