Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The Company’s assets and liabilities measured at fair value on a recurring basis consisted of the following:

	June 30, 2023
(Amounts in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents — money market funds and time deposits	$	5	$	—	$	—	$	5
Total assets measured at fair value	$	5	$	—	$	—	$	5
Liabilities:
Warrant liabilities, net	$	—	$	—	$	—	$	—
Other liabilities - contingent consideration relating to acquisitions payable in cash	—		—		—		—
Total liabilities measured at fair value	$	—	$	—	$	—	$	—

	December 31, 2022
(Amounts in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents — money market funds and time deposits	$	27	$	—	$	—	$	27
Total assets measured at fair value	$	27	$	—	$	—	$	27
Liabilities:
Warrant Liabilities, net	$	—	$	1	$	—	$	1
Other liabilities - contingent consideration relating to acquisitions payable in cash	—		—		1		1
Total liabilities measured at fair value	$	—	$	1	$	1	$	2

Liabilities recorded at fair value classified as Level 3

	Six Months Ended June 30, 2023
(Amounts in millions)	Balance at Beginning of Period		Additions		Reclassification		Settlements		Change in Fair Value		Balance at End of Period
Liabilities:
Other current liabilities - contingent consideration relating to acquisitions payable in common stock	$	—	$	—	$	—	$	—	$	—	$	—
Other current liabilities - contingent consideration relating to acquisitions payable in cash	—		—		1		(1)		—		—
Other liabilities - contingent consideration relating to acquisitions payable in cash	1		—		(1)		—		—		—
Total	$	1	$	—	$	—	$	(1)	$	—	$	—

	Year Ended December 31, 2022
(Amounts in millions)	Balance at Beginning of Period		Additions		Settlements		Change in Fair Value		Balance at End of Period
Liabilities:
Other current liabilities - contingent consideration relating to acquisitions payable in common stock	$	—	$	3	$	(1)	$	(2)	$	—
Other current liabilities - contingent consideration relating to acquisitions payable in cash	—		2		(2)		—		—
Other liabilities - contingent consideration relating to acquisitions payable in cash	—		1		—		—		1
Total	$	—	$	6	$	(3)	$	(2)	$	1

Change in fair value and unrealized gains (losses)

The total Gain (loss) from change in fair value of warrant liabilities included in the Condensed Consolidated Statements of Operations were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in millions)	2023		2022		2023		2022
Selling, general and administrative expenses:
Level 3 liabilities	$	—	$	(1)	$	—	$	—
Other income (expense), net:
Level 2 liabilities	$	1	$	7	$	1	$	10

Valuation techniques and significant unobservable inputs

The valuation techniques and significant unobservable inputs used in the recurring fair value measurements categorized within Level 3 of the fair value hierarchy were as follows:

	June 30, 2023
	Fair Value (in millions)		Valuation Technique	Significant Unobservable Inputs	Range (Weighted Average)
Level 3 Liabilities:
Other current liabilities - contingent consideration relating to acquisitions	$	—	Probability weighted cash flow	Probability adjustment	100%
Other liabilities - contingent consideration relating to acquisitions	$	—	Probability weighted cash flow	Probability adjustment	100%

	December 31, 2022
	Fair Value (in millions)		Valuation Technique	Significant Unobservable Inputs	Range (Weighted Average)
Level 3 Liabilities:
Other current liabilities - contingent consideration relating to acquisitions	$	—	Probability weighted cash flow	Probability adjustment	100%
Other liabilities - contingent consideration relating to acquisitions	$	1	Probability weighted cash flow	Probability adjustment	100%
Other liabilities - IndiaCo share pledge	$	—	Discounted cash flow	Risk-adjusted discount rate	12.3%

Debt fair values

As of June 30, 2023, the estimated fair value of the Company’s long-term debt, excluding unamortized debt issuance costs, was approximately:

		June 30, 2023
(Amounts in millions)	Valuation Technique	Carrying Value(1)		Fair Value
Level 1:
7.875% Senior Notes	Recent trading activity	$	164	$	70
5.000% Senior Notes	Recent trading activity	9		5
Level 3:
First Lien Notes	Discounted cash flow model	767		432
Second Lien Notes	Discounted cash flow model	730		259
Second Lien Exchangeable Notes	Binomial lattice model	308		79
Third Lien Notes	Discounted cash flow model	27		3
Third Lien Exchangeable Notes	Binomial lattice model	444		57

(1)Carrying value of Level 3 notes includes premium, net. See Note 12 for details.