CASH, CASH EQUIVALENTS, AND INVESTMENTS

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2023 and 2022, are as follows (in millions):


	December 31, 2023
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	63	$	—	$	—	$	63	$	63	$	—
Money market funds	936		—		—		936		936		—

Corporate debt securities	55		—		(1)		54		—		54

Equity securities	15		—		—		15		—		15






Total	$	1,069	$	—	$	(1)	$	1,068	$	999	$	69


	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 years ended December 31, 2023 and 2022, the Company recognized $4 million and $(35) million of net unrealized gains (losses), 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, 2023	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Corporate debt securities	$	—	$	—	$	54	$	(1)	$	54	$	(1)




Total	$	—	$	—	$	54	$	(1)	$	54	$	(1)


	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 December 31, 2023 and 2022 were $1 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 December 31, 2023 or 2022.

The scheduled contractual maturities of debt securities as of December 31, 2023 are as follows (in millions):


December 31, 2023	Fair Value		Within 1 Year		After 1 Year through 5 Years
Corporate-debt securities	$	54	$	54	$	—






Total	$	54	$	54	$	—

A summary of non-marketable equity securities and equity method investment balances as of December 31, 2023 and 2022 are as follows (in millions):


	December 31, 2023		December 31, 2022
Equity method investments	$	20	$	20
Non-marketable equity securities	—		5
Total	$	20	$	25

During the year-ended December 31, 2023, the Company recognized $5 million of net unrealized losses in the consolidated statements of operations related to non-marketable equity securities held as of December 31, 2023. No unrealized losses were recognized during the year-ended December 31, 2022 in the consolidated statements of operations related to non-marketable equity securities held as of December 31, 2022.