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Derivative Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Liabilities Measured at Fair Value on Recurring Basis

The components of derivative liabilities measured at fair value on a recurring basis were as follows (in millions):

									As of
			Fair value level						June 30, 2023						December 31, 2022
Public warrants			Level 1						$	6					$	2
Private placement warrants			Level 2						4						1
Common stock warrants									10						3
Earnout share liabilities			Level 3						6						1
Total derivative liabilities									$	16					$	4

Schedule of Fair Value of Derivative Liabilities

The components of change in fair value of derivative liabilities were as follows (in millions):

						Three Months Ended June 30,												Six Months Ended June 30,
						2023						2022						2023						2022
Common stock warrants						$	(6)					$	23					$	(7)					$	58
Earnout share liabilities						(4)						17						(5)						48
Change in fair value of derivative liabilities						$	(10)					$	40					$	(12)					$	106

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- References

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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Tabular disclosure of derivative liabilities at fair value.

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