FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of components and classification of financial assets and liabilities measured at fair value

The following fair value hierarchy table presents the components and classification of the Company’s financial assets and liabilities measured at fair value on a recurring basis:

	June 30, 2023								December 31, 2022
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Carrying Value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	57	$	49	$	8	$	—	$	81	$	72	$	9	$	—
Foreign currency exchange contracts	$	2	$	—	$	2	$	—	$	5	$	—	$	5	$	—
Liabilities:
Acquisition-related contingent consideration	$	10	$	—	$	—	$	10	$	4	$	—	$	—	$	4
Foreign currency exchange contracts	$	1	$	—	$	1	$	—	$	2	$	—	$	2	$	—
Cross-currency swaps	$	62	$	—	$	62	$	—	$	39	$	—	$	39	$	—

Schedule of assets and liabilities associated with derivatives, included in the Consolidated Balance Sheets

The assets and liabilities associated with the Company's cross-currency swaps as included in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 are as follows:

(in millions)	June 30, 2023		December 31, 2022
Other non-current liabilities	$	68	$	45
Prepaid expenses and other current assets	$	6	$	6
Net fair value	$	62	$	39

The assets and liabilities associated with the Company’s foreign exchange contracts as included in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 are as follows:

(in millions)	June 30, 2023		December 31, 2022
Accrued and other current liabilities	$	1	$	2
Prepaid expenses and other current assets	$	2	$	5
Net fair value	$	1	$	3

Schedule of effect of hedging instruments on financial statements

The following table presents the effect of hedging instruments on the Condensed Consolidated Statements of Comprehensive Loss and the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Loss recognized in Other comprehensive loss	$	17	$	—	$	23	$	—
Gain excluded from assessment of hedge effectiveness	$	3	$	—	$	6	$	—
Location of gain of excluded component	Interest expense				Interest Expense

Schedule of foreign exchange contracts on the Consolidated Statements of Operations and Consolidated Statements of Cash Flows

The following table presents the effect of the Company’s foreign exchange contracts on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
(in millions)	2023		2022
(Loss) Gain related to changes in fair value	$	(2)	$	(4)
Gain related to settlements	$	3	$	4

Schedule of reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3)

The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2023 and 2022:

	June 30,
(in millions)	2023				2022
Balance, beginning of period			$	4			$	9
Adjustments to Acquisition-related contingent consideration:
Accretion for the time value of money	$	1			$	—
Fair value adjustments due to changes in estimates of future payments	—				(5)
Acquisition-related contingent consideration adjustments			1				(5)
Additions (Note 5)			5				—
Payments/Settlements			—				—
Balance, end of period			10				4
Current portion included in Accrued and other current liabilities			4				—
Non-current portion			$	6			$	4