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CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONDENSED BALANCE SHEETS | CONDENSED FINANCIAL INFORMATION CONDENSED BALANCE SHEETS (In millions, except share data)
|  | December 31,
|  | 2023 |  | 2022
ASSETS |  |  |  |
Intangibles - net |  | $ | 1 |  |  | $ | 1 |
Investment in subsidiaries |  | 1,342 |  |  | 2,046 |
TOTAL ASSETS |  | $ | 1,343 |  |  | $ | 2,047 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Accounts payable and other accrued liabilities |  | $ | — |  |  | $ | 1 |
Interest payable |  | — |  |  | 1 |
Convertible senior notes |  | 376 |  |  | 959 |
Total liabilities |  | 376 |  |  | 961 |
Shareholders’ equity: |  |  |  |
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 677,636,163 and 637,387,025 shares issued, respectively; 677,636,163 and 637,387,025 shares outstanding, respectively |  | — |  |  | — |
Additional paid-in capital |  | 4,301 |  |  | 4,148 |
Accumulated deficit |  | (3,333) |  |  | (3,058) |
Accumulated other comprehensive income (loss) |  | (1) |  |  | (4) |
Total shareholders’ equity |  | 967 |  |  | 1,086 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 1,343 |  |  | $ | 2,047 |
CONDENSED STATEMENTS OF OPERATIONS | CONDENSED STATEMENTS OF OPERATIONS (In millions)
| Year Ended December 31, |
| 2023 |  | 2022 |  | 2021 |
Operating expenses: |  |  |  |  |  |
General and administrative | $ | 8 |  |  | $ | 7 |  |  | $ | 7 |  |
Total operating expenses | 8 |  |  | 7 |  |  | 7 |  |
Loss from operations | (8) |  |  | (7) |  |  | (7) |  |
Warrant fair value adjustment | — |  |  | — |  |  | 12 |  |
Gain on extinguishment of debt | 225 |  |  | — |  |  | — |  |
Interest expense | (5) |  |  | (8) |  |  | (2) |  |
Income (loss) before income taxes | 212 |  |  | (15) |  |  | 3 |  |
Income tax expense | — |  |  | — |  |  | — |  |
Earnings of subsidiaries | (487) |  |  | (1,338) |  |  | (665) |  |
Net loss | $ | (275) |  |  | $ | (1,353) |  |  | $ | (662) |  |
See accompanying note to condensed financial statements.
CONDENSED STATEMENTS OF CASH FLOWS | CONDENSED STATEMENTS OF CASH FLOWS (In millions)
| Year Ended December 31, |
| 2023 |  | 2022 |  | 2021 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net loss | $ | (275) |  |  | $ | (1,353) |  |  | $ | (662) |  |
Adjustments to reconcile net loss to cash, cash equivalents used in operating activities: |  |  |  |  |  |
Earnings of subsidiaries | 487 |  |  | 1,338 |  |  | 665 |  |
Depreciation and amortization, net of accretion | 3 |  |  | 7 |  |  | 2 |  |
Warrant fair value adjustment | — |  |  | — |  |  | (12) |  |
Gain on early extinguishment of debt | (225) |  |  | — |  |  | — |  |
Interest payable | (1) |  |  | — |  |  | 1 |  |
Other | 2 |  |  | (2) |  |  | — |  |
Net cash used in operating activities | (9) |  |  | (10) |  |  | (6) |  |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Purchase of intangible assets | — |  |  | — |  |  | (1) |  |
Investment in subsidiary | (4) |  |  | (6) |  |  | (1,860) |  |
Distribution from subsidiary | 370 |  |  | 10 |  |  | 139 |  |
Net cash provided by (used in) investing activities | 366 |  |  | 4 |  |  | (1,722) |  |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
Proceeds from issuance of convertible senior notes | — |  |  | — |  |  | 953 |  |
Repurchase of convertible senior notes | (362) |  |  | — |  |  | — |  |
Purchase of capped calls related to convertible senior notes | — |  |  | — |  |  | (119) |  |
Proceeds from exercise of stock options | 3 |  |  | 4 |  |  | 15 |  |
Proceeds from issuance of common stock for ESPP | 2 |  |  | 2 |  |  | — |  |
Proceeds from warrant exercises | — |  |  | — |  |  | 22 |  |
Proceeds from February 2021 Offering | — |  |  | — |  |  | 886 |  |
Issuance of common stock | — |  |  | — |  |  | (29) |  |
Net cash (used in) provided by financing activities | (357) |  |  | 6 |  |  | 1,728 |  |
NET INCREASE IN CASH AND CASH EQUIVALENTS | — |  |  | — |  |  | — |  |
CASH AND CASH EQUIVALENTS - Beginning of year | — |  |  | — |  |  | — |  |
CASH AND CASH EQUIVALENTS - End of year | $ | — |  |  | $ | — |  |  | $ | — |  |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 3 |  |  | $ | 2 |  |  | $ | — |  |
DISCLOSURES OF NONCASH FINANCING ACTIVITIES: |  |  |  |  |  |
Recognition of warrant liability | $ | — |  |  | $ | — |  |  | $ | — |  |
Issuance of common stock in extinguishment of warrant liabilities | $ | — |  |  | $ | — |  |  | $ | (35) |  |
See accompanying note to condensed financial statements.

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