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CASH, CASH EQUIVALENTS, AND INVESTMENTS | 6 Months Ended
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Jun. 30, 2023
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, 2023 and December 31, 2022, are as follows (in millions):
| June 30, 2023
| Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Cash | $ | 101 |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |  |  | $ | 101 |  |  | $ | — |
Money market funds | 1,019 |  |  | — |  |  | — |  |  | 1,019 |  |  | 1,019 |  |  | — |
Corporate debt securities | 73 |  |  | — |  |  | (2) |  |  | 71 |  |  | — |  |  | 71 |
Equity securities | 18 |  |  | — |  |  | — |  |  | 18 |  |  | — |  |  | 18 |
Asset-backed securities | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total | $ | 1,212 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 1,210 |  |  | $ | 1,120 |  |  | $ | 90 |
| 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 |
During the three and six months ended June 30, 2023, the Company recognized $6 million and $7 million of net unrealized gains, respectively, in the condensed consolidated statements of operations related to marketable equity securities held as of June 30, 2023. During the three and six months ended June 30, 2022, the Company recognized $3 million and $25 million of net unrealized losses, respectively, in the condensed consolidated statements of operations related to marketable equity securities held as of June 30, 2022. 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, 2023 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate debt securities |  | $ | — |  |  | $ | — |  |  | $ | 71 |  |  | $ | (2) |  |  | $ | 71 |  |  | $ | (2) |
Asset-backed securities |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | 72 |  |  | $ | (2) |  |  | $ | 72 |  |  | $ | (2) |
|  | 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) |
Net unrealized losses of the Company's available-for-sale debt securities as of June 30, 2023 and December 31, 2022 were $2 million and $4 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 June 30, 2023 or December 31, 2022. The scheduled contractual maturities of debt securities as of June 30, 2023 are as follows (in millions):
June 30, 2023 |  | Fair Value |  | Within 1 Year |  | After 1 Year through 5 Years
Corporate debt securities |  | $ | 71 |  |  | $ | 64 |  |  | $ | 7 |
Asset-backed securities |  | 1 |  |  | 1 |  |  | — |
Total |  | $ | 72 |  |  | $ | 65 |  |  | $ | 7 |
A summary of non-marketable equity securities and equity method investment balances as of June 30, 2023 and December 31, 2022 are as follows (in millions):
| June 30, 2023 |  | December 31, 2022
Equity method investments | $ | 20 |  |  | $ | 20 |
Non-marketable equity securities | 5 |  |  | 5 |
Total | $ | 25 |  |  | $ | 25 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent + Details
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