v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
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:
 March 31, 2026December 31, 2025
 (in millions)
Carrying
Value
Level 1Level 2Level 3
Carrying
Value
Level 1Level 2Level 3
Assets:        
Cash equivalents$26 $14 $12 $— $62 $50 $12 $— 
Liabilities:
Acquisition-related contingent consideration$98 $— $— $98 $96 $— $— $96 
Foreign currency exchange contracts$2 $— $2 $— $2 $— $2 $— 
Cross-currency swaps$136 $— $136 $— $153 $— $153 $— 
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 are as follows:
(in millions)March 31,
2026		December 31,
2025
Other non-current liabilities$138 $158 
Prepaid expenses and other current assets$2 $5 
Net fair value$136 $153 
The assets and liabilities associated with the Company’s foreign exchange contracts as included in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 are as follows:
(in millions)March 31,
2026		December 31,
2025
Accrued and other current liabilities$2 $2 
Prepaid expenses and other current assets$— $— 
Net fair value$2 $2 
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 months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
(in millions)20262025
Gain (loss) recognized in Other comprehensive (loss) income$20 $(36)
Gain excluded from assessment of hedge effectiveness$3 $3 
Location of gain of excluded componentInterest expense
Schedule of foreign exchange contracts on the consolidated statements of operations and consolidated statements of cash flows
The following table presents the effect of the Company’s foreign exchange contracts on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
(in millions)20262025
Gain (loss) related to changes in fair value$— $(4)
Loss related to settlements$(2)$(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 three months ended March 31, 2026 and 2025:
(in millions)20262025
Balance, as of January 1,$96 $123 
Adjustments to Acquisition-related contingent consideration:
Accretion for the time value of money$2 $4 
Fair value adjustments due to changes in estimates of future payments— (13)
Acquisition-related contingent consideration adjustments2 (9)
Balance, as of March 31,
98 114 
Current portion included in Accrued and other current liabilities43 6 
Non-current portion$55 $108