INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule 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, 2023 and December 31, 2022 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, 2023
Cash equivalents:
Money market mutual funds	Level 1	$	134	$	—	$	—	$	134	$	47	$	—	$	87
U.S. treasuries	Level 2	4		—		—		4		4		—		—
Total cash equivalents		138		—		—		138		51		—		87
AFS Investments:
Asset-backed securities	Level 2	45		—		(1)		44		—		44		—
Corporate bonds	Level 2	131		—		(1)		130		—		102		28
Agency securities	Level 2	40		—		(1)		39		—		11		28
U.S. treasuries	Level 2	241		—		(5)		236		—		57		179
Certificate of deposit	Level 2	7		—		—		7		—		—		7
Other debt securities	Level 2	5		—		—		5		—		5		—
Total AFS Investments		$	469	$	—	$	(8)	$	461	$	—	$	219	$	242

(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, 2022
Cash equivalents:
Money market mutual funds	Level 1	$	314	$	—	$	—	$	314	$	225	$	—	$	89
U.S. treasuries	Level 2	18		—		—		18		18		—		—
Total cash equivalents		332		—		—		332		243		—		89
AFS Investments:
Asset-backed securities	Level 2	42		—		(2)		40		—		40		—
Corporate bonds	Level 2	140		—		(1)		139		—		112		27
Agency securities	Level 2	33		—		(1)		32		—		5		27
U.S. treasuries	Level 2	229		—		—		229		—		62		167
Certificate of deposit	Level 2	12		—		—		12		—		—		12
Other debt securities	Level 2	8		—		—		8		—		7		1
Total AFS Investments		$	464	$	—	$	(4)	$	460	$	—	$	226	$	234

Schedule of Fair value of Debt Investments by Contractual Maturity

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

(in millions)	September 30, 2023
One year or less	$	117
Over one year through five years	312
Over five years through ten years	12
Over ten years	20
Total fair value	$	461

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, 2023 and September 30, 2022 are presented below. We had immaterial gross realized gains and losses from sales of investments for the nine months ended September 30, 2023 and $11 million of gross realized losses and immaterial gross realized gains for the three and nine months ended September 30, 2022.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Gross proceeds from sales	$	31	$	177	$	115	$	219
Gross proceeds from maturities	19		49		108		181
Total	$	50	$	226	$	223	$	400