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INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule 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 March 31, 2024 and December 31, 2023 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
March 31, 2024 |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market mutual funds | Level 1 | $ | 327 |  | $ | — |  | $ | — |  | $ | 327 |  | $ | 40 |  | $ | — |  | $ | 287 |
U.S. treasuries | Level 2 | 4 |  | — |  | — |  | 4 |  | 1 |  | — |  | 3 |
Total cash equivalents |  | 331 |  | — |  | — |  | 331 | 41 |  | — |  | 290 |
AFS Investments: |  |  |  |  |  |  |  |
Asset-backed securities | Level 2 | 38 |  | — |  | — |  | 38 |  | — |  | 38 |  | — |
Corporate bonds | Level 2 | 148 |  | — |  | — |  | 148 |  | — |  | 115 |  | 33 |
Agency securities | Level 2 | 37 |  | — |  | (1) |  | 36 |  | — |  | 8 |  | 28 |
U.S. treasuries | Level 2 | 260 |  | — |  | (4) |  | 256 |  | — |  | 77 |  | 179 |
Certificate of deposit | Level 2 | 2 |  | — |  | — |  | 2 |  | — |  | — |  | 2 |
Other debt securities | Level 2 | 8 |  | — |  | — |  | 8 |  | — |  | 8 |  | — |
Total AFS Investments |  | $ | 493 |  | $ | — |  | $ | (5) |  | $ | 488 |  | $ | — |  | $ | 246 |  | $ | 242 |
(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, 2023 |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market mutual funds | Level 1 | $ | 183 |  | $ | — |  | $ | — |  | $ | 183 |  | $ | 96 |  | $ | — |  | $ | 87 |
U.S. treasuries | Level 2 | 7 |  | — |  | — |  | 7 | 5 |  | — |  | 2 |
Total cash equivalents |  | 190 |  | — |  | — |  | 190 | 101 |  | — |  | 89 |
AFS Investments: |  |  |  |  |  |  |  |
Asset-backed securities | Level 2 | 41 |  | — |  | (1) |  | 40 |  | — |  | 40 |  | — |
Corporate bonds | Level 2 | 135 |  | 1 |  | — |  | 136 |  | — |  | 103 |  | 33 |
Agency securities | Level 2 | 40 |  | — |  | (1) |  | 39 |  | — |  | 10 |  | 29 |
U.S. treasuries | Level 2 | 231 |  | 1 |  | (1) |  | 231 |  | — |  | 47 |  | 184 |
Certificate of deposit | Level 2 | 2 |  | — |  | — |  | 2 |  | — |  | — |  | 2 |
Other debt securities | Level 2 | 8 |  | — |  | — |  | 8 |  | — |  | 8 |  | — |
Total AFS Investments |  | $ | 457 |  | $ | 2 |  | $ | (3) |  | $ | 456 |  | $ | — |  | $ | 208 |  | $ | 248 |
Schedule of Fair value of Debt Investments by Contractual Maturity | The fair value of debt investments by contractual maturity are shown below:
(in millions) |  | March 31, 2024 |
One year or less |  | $ | 113 |  |
Over one year through five years |  | 347 |  |
Over five years through ten years |  | 10 |  |
Over ten years |  | 18 |  |
Total fair value |  | $ | 488 |  |
Schedule of Available-for-Sale Securities | The gross proceeds from sales and maturities of AFS securities for the three months ended March 31, 2024 and March 31, 2023 are presented below. We had immaterial gross realized gains and losses from sales of investments for the first quarter of 2024 and immaterial gross realized gains for the first quarter of 2023.
| Three Months Ended March 31, |  |
(in millions) | 2024 | 2023 |  |  |
Gross proceeds from sales | $ | 39 |  | $ | 32 |  |  |  |
Gross proceeds from maturities | 27 |  | 44 |  |  |  |
Total | $ | 66 |  | $ | 76 |  |  |  |

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- Definition 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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