v3.25.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Gross Carrying Value and Fair Value of Company's Assets and Liabilities Measured at Fair Value on Recurring Basis
Presented below is a summary of the gross carrying value and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis:
Asset/ (Liability)
(in $ millions)Fair Value
 Hierarchy
March 31,
2025
December 31,
2024
Interest rate swap assetLevel 2$— $27 
Interest rate swap liabilityLevel 2(19)— 
Cross currency interest rate swap liability
Level 2(7) 
Foreign currency forward contract liability
Level 2
(1)— 
Non-employee earnout sharesLevel 3(59)(133)
Schedule of Assumptions Used for Initial Measurement of Equity Instruments
The following table presents the assumptions used for the measurement of the fair value of outstanding earnout shares liabilities:
March 31,
2025
December 31,
2024
Stock price ($)$7.26$9.28
Risk-free interest rate3.89%4.26%
Volatility41.0%44.0%
Expected term (years)2.22.4
Expected dividends0.0%0.0%
Fair value ($) (per earnout share – Tranche 1)$3.06$6.50
Fair value ($) (per earnout share – Tranche 2)$2.06$5.11
Schedule of Changes in Level 3 Financial Liabilities Measured at Fair Value
The following table presents changes in Level 3 financial liabilities measured at fair value during the three months March 31, 2025:
(in $ millions)
Earnout Shares (Amount)
Balance as of December 31, 2024$133 
Change in fair value(74)
Balance as of March 31, 2025$59 
Schedule of Fair Values of the Company's Outstanding Senior Secured Term Loans
The fair values of the Company’s outstanding senior secured term loans are as follows:
March 31, 2025December 31, 2024
(in $ millions)Fair
Value
Hierarchy
Carrying
amount(1)
Fair value
Carrying
amount (1)
Fair value
Senior secured term loans - amended and restatedLevel 2$1,375 $1,388 $1,376 $1,405 
_____________________________________________________________
(1)Represents outstanding principal amount of senior secured term loans less unamortized debt discount and debt issuance costs.