Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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, which are measured at fair value on a recurring basis and categorized using the fair value hierarchy, as well as their classification on our consolidated balance sheets as of December 31, 2024 and 2023:

	December 31, 2024						December 31, 2023
	Amortized Cost		Fair Value (1)		Cash and Cash Equivalents		Amortized Cost		Fair Value (1)		Cash and Cash Equivalents
	(in millions)
Cash	$	742	$	742	$	742	$	685	$	685	$	685
Level 1:
Money market funds		322		322		322		382		382		382
Total	$	1,064	$	1,064	$	1,064	$	1,067	$	1,067	$	1,067

(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:

	December 31, 2024		December 31, 2023
	(in millions)
Foreign currency exchange-forward contracts (1)(2)	$	11	$	9

(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 and 2023, 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 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:

	December 31, 2024		December 31, 2023
	(in millions)
Accounts receivable	$	187	$	177
Contract assets		20		15
Total	$	207	$	192

Schedule of Aggregate Principal and Fair Value Amount of Outstanding 2025 Senior Notes, 2026 Senior Notes and Term Loan B Facility

The following table shows the aggregate principal and fair value amount of the 2025 Senior Notes, 2026 Senior Notes, and Term Loan B Facility as of the dates presented, primarily classified as long-term debt on our consolidated balance sheets, and are considered Level 2 fair value measurements. Refer to “Note 8: Debt” for additional information related to our 2025 Senior Notes, 2026 Senior Notes, and Term Loan B Facility.

	December 31, 2024									December 31, 2023
	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	$	(2	)	$	343	$	323	$	345	$	(3	)	$	342	$	304
Term Loan B Facility (2)		499		(6	)		493		504		—		—			—		—
2025 Senior Notes (2)		—		—			—		—		500		(3	)		497		502

(1)We estimate the fair value of the 2025 Senior Notes, 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 third quarter of 2024, the Company issued the $500 million Term Loan B Facility and used these borrowed funds to redeem all $500 million aggregate principal amount of the Company's outstanding 2025 Senior Notes. Refer to “Note 8: Debt” for further information.