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INVESTMENTS (Tables)

3 Months Ended

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 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
-Topic 320
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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