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INVESTMENTS | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | NVESTMENTS The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of June 30, 2023 and December 31, 2022 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
June 30, 2023 |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market mutual funds | Level 1 | $ | 163 |  | $ | — |  | $ | — |  | $ | 163 |  | $ | 77 |  | $ | — |  | $ | 86 |
U.S. treasuries | Level 2 | 26 |  | — |  | — |  | 26 |  | 26 |  | — |  | — |
Total cash equivalents |  | 189 |  | — |  | — |  | 189 | 103 |  | — |  | 86 |
AFS Investments: |  |  |  |  |  |  |  |
Asset-backed securities | Level 2 | 47 |  | — |  | (2) |  | 45 |  | — |  | 45 |  | — |
Corporate bonds | Level 2 | 122 |  | — |  | (1) |  | 121 |  | — |  | 96 |  | 25 |
Agency securities | Level 2 | 36 |  | — |  | (1) |  | 35 |  | — |  | 6 |  | 29 |
U.S. treasuries | Level 2 | 245 |  | — |  | (3) |  | 242 |  | — |  | 62 |  | 180 |
Certificate of deposit | Level 2 | 6 |  | — |  | — |  | 6 |  | — |  | — |  | 6 |
Other debt securities | Level 2 | 6 |  | — |  | — |  | 6 |  | — |  | 6 |  | — |
Total AFS Investments |  | $ | 462 |  | $ | — |  | $ | (7) |  | $ | 455 |  | $ | — |  | $ | 215 |  | $ | 240 |
(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 |
Fair Value of Financial Instruments We use an independent pricing source to determine the fair value of our securities. The independent pricing source utilizes various pricing models for each asset class, including the market approach. The inputs and assumptions for the pricing models are market observable inputs including trades of comparable securities, dealer quotes, credit spreads, yield curves and other market-related data. We have not adjusted the prices obtained from the independent pricing service and we believe the prices received from the independent pricing service are representative of the prices that would be received to sell the assets at the measurement date (exit price). The carrying value of the Company's cash equivalents and restricted cash equivalents approximate their fair values due to their short-term maturities. We did not have any Level 3 financial instruments recognized in our Balance sheets as of June 30, 2023 and December 31, 2022. There were no transfers between levels as of June 30, 2023 and December 31, 2022. Sales and Maturities The fair value of debt investments by contractual maturity are shown below:
(in millions) |  | June 30, 2023 |
One year or less |  | $ | 84 |  |
Over one year through five years |  | 341 |  |
Over five years through ten years |  | 11 |  |
Over ten years |  | 19 |  |
Total fair value |  | $ | 455 |  |
The gross proceeds from sales and maturities of AFS securities for the three and six months ended June 30, 2023 and June 30, 2022 are presented below. We had immaterial gross realized gains and losses from sales of investments for the first half of 2023 and 2022.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2023 | 2022 |  | 2023 | 2022
Gross proceeds from sales | $ | 52 |  | $ | 21 |  |  | $ | 84 |  | $ | 43 |
Gross proceeds from maturities | 45 |  | 83 |  |  | 89 |  | 132 |
Total | $ | 97 |  | $ | 104 |  |  | $ | 173 |  | $ | 175 |
Fair Value of Long-Term Debt The fair value of our 2029 Notes was obtained from a third-party pricing service and is based on observable market inputs. As such, the fair value of the senior notes is considered Level 2 in the hierarchy for fair value measurement. As of June 30, 2023, our 2029 Notes were carried at their cost, net of issuance costs, and had a fair value of $436 million.

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