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CASH, CASH EQUIVALENTS, AND INVESTMENTS | 12 Months Ended
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Dec. 31, 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 December 31, 2022 and 2021, are as follows (in millions):
| December 31, 2022
| Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Cash | $ | 422 |  |  | $ | — |  |  | $ | — |  |  | $ | 422 |  |  | $ | 422 |  |  | $ | — |
Money market funds | 715 |  |  | — |  |  | — |  |  | 715 |  |  | 715 |  |  | — |
Corporate debt securities | 126 |  |  | — |  |  | (4) |  |  | 122 |  |  | — |  |  | 122 |
Equity securities | 11 |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Certificates of deposit | 9 |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Asset-backed securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total | $ | 1,285 |  |  | $ | — |  |  | $ | (4) |  |  | $ | 1,281 |  |  | $ | 1,137 |  |  | $ | 144 |
| 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 years ended December 31, 2022 and 2021, the Company recognized $(35) million and $35 million of net unrealized (losses) gains, respectively, in the consolidated statements of operations related to marketable equity securities. 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
December 31, 2022 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate debt securities |  | 5 |  |  | — |  |  | 117 |  |  | (4) |  |  | 122 |  |  | (4) |
Certificates of deposit |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |
Asset-backed securities |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Total |  | $ | 11 |  |  | $ | — |  |  | $ | 119 |  |  | $ | (4) |  |  | $ | 130 |  |  | $ | (4) |
|  | 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) |
Net unrealized losses of the Company's available-for-sale debt securities as of December 31, 2022 and 2021 were $4 million and $1 million, respectively. These unrealized losses are associated with the Company’s investments in corporate debt securities and were due to interest rate increases, and not credit-related events. The Company does not expect to be required to sell the investments before recovery of the amortized cost bases. As such, no allowance for credit losses is required as of December 31, 2022 or 2021. The scheduled contractual maturities of debt securities as of December 31, 2022 are as follows (in millions):
December 31, 2022 |  | Fair Value |  | Within 1 Year |  | After 1 Year through 5 Years
Corporate-debt securities |  | $ | 122 |  |  | $ | 67 |  |  | $ | 55 |
Certificates of deposit |  | 9 |  |  | 9 |  |  | — |
Asset-backed securities |  | 2 |  |  | 2 |  |  | — |
Total |  | $ | 133 |  |  | $ | 78 |  |  | $ | 55 |
A summary of non-marketable equity securities and equity method investment balances as of December 31, 2022 and 2021 are as follows (in millions):
| December 31, 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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