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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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 LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsInvestmentsRestricted Cash, Cash Equivalents and Investments
June 30, 2024
Cash equivalents:
Money market mutual fundsLevel 1$128 $— $— $128 $38 $— $90 
U.S. treasuriesLevel 27 — — 7 — — 7 
Total cash equivalents135 — — 13538 — 97 
AFS Investments:
Asset-backed securitiesLevel 243 — — 43 — 43 — 
Corporate bondsLevel 2137 — — 137 — 103 34 
Agency securitiesLevel 234 — (1)33 — 7 26 
U.S. treasuriesLevel 2249 — (3)246 — 68 178 
Certificate of depositLevel 21 — — 1 — — 1 
Other debt securitiesLevel 27 — — 7 — 7 — 
Total AFS Investments$471 $— $(4)$467 $— $228 $239 
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsInvestmentsRestricted Cash, Cash Equivalents and Investments
December 31, 2023
Cash equivalents:
Money market mutual fundsLevel 1$183 $— $— $183 $96 $— $87 
U.S. treasuriesLevel 27 — — 75 — 2 
Total cash equivalents190 — — 190101 — 89 
AFS Investments:
Asset-backed securitiesLevel 241 — (1)40 — 40 — 
Corporate bondsLevel 2135 1 — 136 — 103 33 
Agency securitiesLevel 240 — (1)39 — 10 29 
U.S. treasuriesLevel 2231 1 (1)231 — 47 184 
Certificate of depositLevel 22 — — 2 — — 2 
Other debt securitiesLevel 28 — — 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)June 30, 2024
One year or less$91 
Over one year through five years351 
Over five years through ten years8 
Over ten years17 
Total fair value$467 
Schedule of Available-for-Sale Securities
The gross proceeds from sales and maturities of AFS securities for the three and six months ended June 30, 2024 and June 30, 2023 are presented below. We had immaterial gross realized gains and losses from sales of investments for the first half of 2024 and 2023.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Gross proceeds from sales$22 $52 $61 $84 
Gross proceeds from maturities37 45 64 89 
Total$59 $97 $125 $173