XML 43 R30.htm IDEA: XBRL DOCUMENT v3.21.2
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2021
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:
 September 30, 2021December 31, 2020
(in millions)Carrying
Value
Level 1Level 2Level 3Carrying
Value
Level 1Level 2Level 3
Assets:        
Cash equivalents$157 $141 $16 $— $41 $$33 $— 
Restricted cash$1,214 $1,214 $— $— $1,211 $1,211 $— $— 
Foreign currency exchange contracts
$$— $$— $$— $$— 
Liabilities:       
Acquisition-related contingent consideration
$244 $— $— $244 $328 $— $— $328 
Cross-currency swaps
$19 $— $19 $— $70 $— $70 $— 
Foreign currency exchange contracts
$$— $$— $11 $— $11 $— 
Schedule of assets and liabilities associated with derivatives, included in the Consolidated Balance Sheets
The assets and liabilities associated with the Company's cross-currency swaps as included in the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 are as follows:
(in millions)September 30,
2021
December 31,
2020
Other non-current liabilities$22 $79 
Prepaid expenses and other current assets$$
Net fair value$19 $70 
The assets and liabilities associated with the Company's foreign exchange contracts as included in the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 are as follows:
(in millions)September 30,
2021
December 31,
2020
Accrued and other current liabilities$$11 
Prepaid expenses and other current assets$$
Net fair value$$
Schedule of effect of hedging instruments on financial statements
The following table presents the effect of hedging instruments on the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2021202020212020
Gain (loss) recognized in Other comprehensive loss$28 $(54)$57 $
Gain excluded from assessment of hedge effectiveness$$$17 $17 
Location of gain of excluded componentInterest ExpenseInterest 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 Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2021202020212020
Gain (loss) related to changes in fair value$$— $$(1)
(Loss) gain related to settlements$(5)$$(14)$(1)
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 nine months ended September 30, 2021 and 2020:
Nine Months Ended September 30,
(in millions)20212020
Balance, beginning of period$328 $316 
Adjustments to Acquisition-related contingent consideration:
Accretion for the time value of money$12 $17 
Fair value adjustments due to changes in estimates of other future payments(4)
Acquisition-related contingent consideration26 
Payments(93)(30)
Foreign currency translation adjustment included in Other comprehensive loss— 
Balance, end of period244 312 
Current portion included in Accrued and other current liabilities37 37 
Non-current portion$207 $275 
Schedule of assets and liabilities measured at fair value on a non-recurring basis
The following table presents the components and classification of the Company’s financial assets and liabilities measured at fair value on a non-recurring basis:
 September 30, 2021December 31, 2020
(in millions)Carrying
Value
Level 1Level 2Level 3Carrying
Value
Level 1Level 2Level 3
Other non-current assets:
Non-current assets held for sale$— $— $— $— $245 $— $— $245