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CASH, CASH EQUIVALENTS, AND INVESTMENTS | 6 Months Ended
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Jun. 30, 2022
Cash and Cash Equivalents [Abstract] |
CASH, CASH EQUIVALENTS, AND INVESTMENTS | CASH, CASH EQUIVALENTS, AND INVESTMENTS The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of June 30, 2022 and December 31, 2021, are as follows (in millions):
| June 30, 2022
| Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Cash | $ | 80 |  |  | $ | — |  |  | $ | — |  |  | $ | 80 |  |  | $ | 80 |  |  | $ | — |
Time deposit | 1,222 |  |  | — |  |  | — |  |  | 1,222 |  |  | 1,222 |  |  | — |
Money market funds | 937 |  |  | — |  |  | — |  |  | 937 |  |  | 937 |  |  | — |
Corporate debt securities | 171 |  |  | — |  |  | (5) |  |  | 166 |  |  | — |  |  | 166 |
Commercial paper | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |  |  | 28 |
Equity securities | 22 |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 22 |
Certificates of deposit | 12 |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Asset-backed securities | 5 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Total | $ | 2,477 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 2,472 |  |  | $ | 2,239 |  |  | $ | 233 |
| December 31, 2021
| Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Cash | $ | 81 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |  |  | $ | 81 |  |  | $ | — |
Money market funds | 1,350 |  |  | — |  |  | — |  |  | 1,350 |  |  | 1,350 |  |  | — |
Time deposit | 300 |  |  | — |  |  | — |  |  | 300 |  |  | 300 |  |  | — |
Corporate debt securities | 208 |  |  | — |  |  | (1) |  |  | 207 |  |  | — |  |  | 207 |
Mutual fund | 200 |  |  | — |  |  | — |  |  | 200 |  |  | — |  |  | 200 |
Equity securities | 46 |  |  | — |  |  | — |  |  | 46 |  |  | — |  |  | 46 |
Commercial paper | 15 |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
Asset-backed securities | 7 |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Certificates of deposit | 5 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Sovereign bonds | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Total | $ | 2,216 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 2,215 |  |  | $ | 1,731 |  |  | $ | 484 |
During the three and six months ended June 30, 2022, the Company recognized $3 million and $25 million of losses, respectively, in the condensed consolidated statements of operations related to equity securities held as of June 30, 2022. During the three and six months ended June 30, 2021, the Company recognized no unrealized gains or losses in the condensed consolidated statements of operations related to equity securities held as of June 30, 2021. A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in millions):
|  | Less than 12 Months |  | 12 Months or Greater |  | Total
June 30, 2022 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Money market funds |  | $ | 324 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 324 |  |  | $ | — |
Corporate debt securities |  | 165 |  |  | (5) |  |  | — |  |  | — |  |  | 165 |  |  | (5) |
Commercial paper |  | 28 |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | — |
Certificates of deposit |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |
Asset-backed securities |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Total |  | $ | 531 |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | 531 |  |  | $ | (5) |
|  | Less than 12 Months |  | 12 Months or Greater |  | Total
December 31, 2021 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Money market funds |  | $ | 259 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 259 |  |  | $ | — |
Corporate debt securities |  | 207 |  |  | (1) |  |  | — |  |  | — |  |  | 207 |  |  | (1) |
Commercial paper |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |
Asset-backed securities |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |
Certificates of deposit |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Sovereign bonds |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |
Total |  | $ | 497 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 497 |  |  | $ | (1) |
The scheduled contractual maturities of debt securities as of June 30, 2022 are as follows (in millions):
June 30, 2022 |  | Fair Value |  | Within 1 Year |  | After 1 Year through 5 Years
Corporate debt securities |  | $ | 166 |  |  | $ | 85 |  |  | $ | 81 |
Commercial paper |  | 28 |  |  | 28 |  |  | — |
Certificates of deposit |  | 12 |  |  | 12 |  |  | — |
Asset-backed securities |  | 5 |  |  | 5 |  |  | — |
Total |  | $ | 211 |  |  | $ | 130 |  |  | $ | 81 |
A summary of non-marketable equity securities and equity method investment balances as of June 30, 2022 and December 31, 2021 are as follows (in millions):
| June 30, 2022 |  | December 31, 2021
Equity method investments | $ | 20 |  |  | $ | — |
Non-marketable equity securities | 5 |  |  | 5 |
Total | $ | 25 |  |  | $ | 5 |

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 + Details
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