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INVESTMENTS (Tables)
 9 Months Ended
Sep. 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 September 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
September 30, 2024
Cash equivalents:
Money market mutual fundsLevel 1$164 $— $— $164 $77 $— $87 
U.S. treasuriesLevel 21 — — 1 — — 1 
Total cash equivalents165 — — 16577 — 88 
AFS Investments:
Asset-backed securitiesLevel 240 — — 40 — 40 — 
Corporate bondsLevel 2126 2 — 128 — 93 35 
Agency securitiesLevel 228 — — 28 — 6 22 
U.S. treasuriesLevel 2225 2 — 227 — 50 177 
Certificate of depositLevel 22 — — 2 — — 2 
Other debt securitiesLevel 26 — — 6 — 6 — 
Total AFS Investments$427 $4 $— $431 $— $195 $236 
(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)September 30, 2024
One year or less$91 
Over one year through five years318 
Over five years through ten years6 
Over ten years16 
Total fair value$431 
Schedule of Available-for-Sale Securities
The gross proceeds from sales and maturities of AFS securities for the three and nine months ended September 30, 2024 and 2023 are presented below. We had immaterial gross realized gains and losses from sales of investments for the three and nine months ended September 30, 2024 and 2023.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Gross proceeds from sales$31 $30 $93 $115 
Gross proceeds from maturities39 19 103 108 
Total$70 $49 $196 $223