FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of the Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis:


Basis of Fair Value Measurements on a Recurring Basis of Significant Other Observable Inputs (Level 2)	March 31, 2026		December 31, 2025
In millions
Assets at fair value:
Cash equivalents and restricted cash equivalents 1	$	128	$	142

Derivatives relating to: 2
Net investment hedge	64		46

Foreign currency contracts 3	29		2
Total assets at fair value	$	221	$	190
Liabilities at fair value:

Derivatives relating to: 2

Interest rate swap agreements	45		42
Foreign currency contracts 3	8		12
Total liabilities at fair value	$	53	$	54

1. Time deposits included in "Cash and cash equivalents" in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. "Restricted cash and cash equivalents" in the interim Condensed Consolidated Balance Sheets of $42 million at March 31, 2026 and December 31, 2025 are deposited in money market funds and represent Level 1 fair value measurement investments which are held at amortized cost.

2. See Note 17 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets.

3. Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Condensed Consolidated Balance Sheets. The offsetting counterparty and cash collateral netting amounts for foreign currency contracts were $3 million and zero respectively, for both assets and liabilities as of March 31, 2026. The offsetting counterparty and cash collateral netting amounts were $2 million and zero, respectively, for both assets and liabilities as of December 31, 2025.

Schedule of the Fair Value of Liabilities Measured on a Recurring Basis


Basis of Fair Value Measurements on a Recurring Basis of Significant Unobservable Inputs (Level 3)	March 31, 2026		December 31, 2025
In millions
Liabilities at fair value:
Contingent earn-out liabilities	$	15	$	21
Total liabilities at fair value	$	15	$	21