Financial Instruments and Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows:

	March 31, 2022
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial assets:
Cash equivalents:
Money market funds	$	10	$	10	$	—	$	—
Marketable securities:
U.S. Treasury bills	$	195	$	—	$	195	$	—
Commercial paper		21		—		21		—
Corporate bonds		41		—		41		—
Certificates of deposit		3				3
Non-U.S. government		9		—		9		—
Total marketable securities	$	269	$	—	$	269	$	—
Prepaid and other current assets:
Derivative assets	$	4	$	—	$	4	$	—
Total financial assets	$	283	$	10	$	273	$	—
Financial liabilities:
Accrued liabilities:
Derivative liabilities	$	2	$	—	$	2	$	—
Total financial liabilities	$	2	$	—	$	2	$	—

	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial assets:
Cash equivalents:
Money market funds	$	13	$	13	$	—	$	—
Marketable securities:
U.S. Treasury bills	$	53	$	—	$	53	$	—
Commercial paper		39		—		39		—
Corporate bonds		57		—		57		—
Certificates of deposit		5		—		5		—
Non-U.S. government		13		—		13		—
Total marketable securities	$	167	$	—	$	167	$	—
Prepaid and other current assets:
Derivative assets	$	4	$	—	$	4	$	—
Total financial assets	$	184	$	13	$	171	$	—
Financial liabilities:
Accrued liabilities:
Derivative liabilities	$	1	$	—	$	1	$	—
Total financial liabilities	$	1	$	—	$	1	$	—

Schedule of Contractual Maturities of Marketable Securities

The following table summarizes the contractual maturities of the Company’s marketable securities:

	March 31,				December 31,
	2022				2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(in millions)
Due within one year	$	260	$	260	$	150	$	150
Due after one year through five years		9		9		17		17
Total marketable securities	$	269	$	269	$	167	$	167