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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Financial Instruments by Significant Categories and Fair Value Measurement on a Recurring Basis

The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of December 31, 2022 and December 31, 2021 and the amortized cost, gross unrealized gains, gross unrealized losses, fair value of our AFS investments:

(in millions)			Fair Value Level			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Cash and Cash Equivalents			Investments			Restricted Cash, Cash Equivalents and Investments
December 31, 2022
Cash equivalents:
Money market mutual funds			Level 1			$	314		$	—		$	—		$	314		$	225		$	—		$	89
U.S. treasuries			Level 2			18			—			—			18			18			—			—
Total cash equivalents						332			—			—			332			243			—			89
AFS Investments:
Asset-backed securities			Level 2			42			—			(2)			40			—			40			—
Corporate bonds			Level 2			140			—			(1)			139			—			112			27
Agency securities			Level 2			33			—			(1)			32			—			5			27
U.S. treasuries			Level 2			229			—			—			229			—			62			167
Certificate of deposit			Level 2			12			—			—			12			—			—			12
Other debt securities			Level 2			8			—			—			8			—			7			1
Total AFS Investments						$	464		$	—		$	(4)		$	460		$	—		$	226		$	234

(in millions)			Fair Value Level			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Cash and Cash Equivalents			Investments			Restricted Cash, Cash Equivalents and Investments
December 31, 2021
Cash equivalents:
Money market mutual funds			Level 1			$	97		$	—		$	—		$	97		$	4		$	—		$	93
U.S. treasuries			Level 2			22			—			—			22			21			—			1
Total cash equivalents						119			—			—			119			25			—			94
AFS Investments:
Asset-backed securities			Level 2			49			—			—			49			—			49			—
Corporate bonds			Level 2			167			1			(1)			167			—			137			30
Agency securities			Level 2			17			—			—			17			—			2			15
U.S. treasuries			Level 2			285			1			(1)			285			—			106			179
Certificate of deposit			Level 2			11			—			—			11			—			—			11
Other debt securities			Level 2			9			—			—			9			—			9			—
Total AFS Investments						$	538		$	2		$	(2)		$	538		$	—		$	303		$	235

Fair Value of Debt Investments by Contractual Maturity

The fair value of debt investments by contractual maturity are shown below:

(in millions)						December 31, 2022
One year or less						$	130
Over one year through five years						293
Over five years through ten years						12
Over ten years						25
Total fair value						$	460

Proceeds from Available-for-sale Securities

The gross proceeds from sales and maturities of AFS securities for the years ended December 31, 2022, 2021, and 2020 are presented below. We had immaterial gross realized gains and losses from sales of investments for the years ended December 31, 2021 and 2020.

			Year Ended December 31,
(in millions)			2022			2021			2020
Gross realized losses			$	(18)		$	—		$	—
Gross proceeds from sales			227			162			93
Gross proceeds from maturities			253			187			131
Total			$	462		$	349		$	224

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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