Financial Instruments and Fair Value Measurements - (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Financial Instruments by Significant Categories and Fair Value Measurement on a Recurring Basis

The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of June 30, 2022 and December 31, 2021 and the amortized cost, gross unrealized gains, gross unrealized losses, fair value of our AFS investments:


(in millions)	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash, Cash Equivalents and Investments
June 30, 2022
Cash equivalents:
Money market mutual funds	Level 1	$	228	$	—	$	—	$	228	$	139	$	—	$	89
U.S. treasuries	Level 2	42		—		—		42		42		—		—
Total cash equivalents		270		—		—		270		181		—		89
AFS Investments:
Asset-backed securities	Level 2	46		—		(2)		44		—		44		—
Corporate bonds	Level 2	163		—		(5)		158		—		128		30
Agency securities	Level 2	23		—		(1)		22		—		4		18
U.S. treasuries	Level 2	271		—		(8)		263		—		94		169
Certificate of deposit	Level 2	9		—		—		9		—				9
Other debt securities	Level 2	9		—		—		9		—		9		—
Total AFS Investments		$	521	$	—	$	(16)	$	505	$	—	$	279	$	226


(in millions)	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash, Cash Equivalents and Investments
December 31, 2021
Cash equivalents:
Money market mutual funds	Level 1	$	97	$	—	$	—	$	97	$	4	$	—	$	93
U.S. treasuries	Level 2	22		—		—		22		21		—		1
Total cash equivalents		119		—		—		119		25		—		94
AFS Investments:
Asset-backed securities	Level 2	49		—		—		49		—		49		—
Corporate bonds	Level 2	167		1		(1)		167		—		137		30
Agency securities	Level 2	17		—		—		17		—		2		15
U.S. treasuries	Level 2	285		1		(1)		285		—		106		179
Certificate of deposit	Level 2	11		—		—		11		—		—		11
Other debt securities	Level 2	9		—		—		9		—		9		—
Total AFS Investments		$	538	$	2	$	(2)	$	538	$	—	$	303	$	235

Fair value of debt investments by contractual maturity

The fair value of debt investments by contractual maturity are shown below:


(in millions)	June 30, 2022
One year or less	$	184
Over one year through five years	284
Over five years through ten years	11
Over ten years	26
Total fair value	$	505

Schedule of available-for-sale securities

The gross proceeds from sales and maturities of AFS securities for the three and six months ended June 30, 2022 and June 30, 2021 are presented below. We had immaterial gross realized gains and losses from sales of investments for the three and six months ended June 30, 2022 and 2021.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021


Gross proceeds from sales	$	21	$	39	$	43	$	80
Gross proceeds from maturities	83		32		132		75
Total	$	104	$	71	$	175	$	155