Financial Instruments and Fair Value Measurements - (Tables)

9 Months Ended

Sep. 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 September 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
September 30, 2022
Cash equivalents:
Money market mutual funds	Level 1	$	777	$	—	$	—	$	777	$	685	$	—	$	92
U.S. treasuries	Level 2	3		—		—		3		—		—		3
Total cash equivalents		780		—		—		780		685		—		95
AFS Investments:
Asset-backed securities	Level 2	43		—		(2)		41		—		41		—
Corporate bonds	Level 2	141		—		(1)		140		—		114		26
Agency securities	Level 2	25		—		(1)		24		—		2		22
U.S. treasuries	Level 2	239		—		(1)		238		—		72		166
Certificate of deposit	Level 2	11		—		—		11		—				11
Other debt securities	Level 2	8		—		—		8		—		8		—
Total AFS Investments		$	467	$	—	$	(5)	$	462	$	—	$	237	$	225


(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)	September 30, 2022
One year or less	$	162
Over one year through five years	267
Over five years through ten years	10
Over ten years	23
Total fair value	$	462

Schedule of Available-for-Sale Securities

The gross proceeds from sales and maturities of AFS securities for the three and nine months ended September 30, 2022 and September 30, 2021 are presented below. We had $11 million of gross realized losses and immaterial gross realized gains for the three and nine months ended September 30, 2022 and immaterial gross realized gains and losses from sales of investments for the three and nine months ended September 30, 2021.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021


Gross proceeds from sales	$	177	$	51	$	219	$	131
Gross proceeds from maturities	49		26		181		101
Total	$	226	$	77	$	400	$	232