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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022December 31, 2021
(in millions)Carrying
Value
Level 1Level 2Level 3Carrying
Value
Level 1Level 2Level 3
Assets:        
Cash equivalents$766 $749 $17 $— $76 $58 $18 $— 
Restricted cash and other settlement deposits$1,211 $1,211 $— $— $1,537 $1,537 $— $— 
Foreign currency exchange contracts
$$— $$— $$— $$— 
Liabilities:       
Acquisition-related contingent consideration
$236 $— $— $236 $241 $— $— $241 
Foreign currency exchange contracts
$$— $$— $— $— $— $— 
Schedule of effect of hedging instruments on financial statements
The following table presents the effect of hedging instruments on the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021:
Three Months Ended
March 31,
(in millions)20222021
Gain recognized in Other comprehensive loss$— $41 
Gain excluded from assessment of hedge effectiveness$— $
Location of gain of excluded componentInterest Expense
Schedule of assets and liabilities associated with derivatives, included in the Consolidated Balance Sheets
The assets and liabilities associated with the Company’s foreign exchange contracts as included in the Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 are as follows:
(in millions)March 31,
2022
December 31,
2021
Accrued and other current liabilities$$— 
Prepaid expenses and other current assets$$
Net fair value$$
Schedule of foreign exchange contracts on the Consolidated Statements of Operations and Consolidated Statements of Cash Flows
The following table presents the effect of the Company’s foreign exchange contracts on the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021:
Three Months Ended
March 31,
(in millions)20222021
Loss related to changes in fair value$(7)$(2)
Gain (loss) related to settlements$$(9)
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, 2022 and 2021:
(in millions)March 31, 2022March 31, 2021
Balance, beginning of period$241 $328 
Adjustments to Acquisition-related contingent consideration:
Accretion for the time value of money$$
Fair value adjustments due to changes in estimates of other future payments(1)(14)
Acquisition-related contingent consideration(9)
Payments/Settlements(8)(6)
Balance, end of period236 313 
Current portion included in Accrued and other current liabilities43 111 
Non-current portion$193 $202