DEBT (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The carrying value of debt outstanding under the Term Facility Agreement was as follows (in millions):

	December 31, 2020		September 30, 2021
Long-term debt	$	79	$	—
Less: Unamortized debt issuance costs	(4)		—
Note payable, less unamortized debt issuance costs	75		—
Less: Current portion	(28)		—
Total note payable, less current portion	$	47	$	—

Debt Securities, Trading, and Equity Securities, FV-NI

The change in fair value of the 2021 Convertible Notes as of September 30, 2021 was as follows (in millions):

	2021 Convertible Notes
Proceeds received upon issuance	$	2,500
Loss on issuance	549
Issue-date estimated fair value	3,049
Gain on change in fair value	(91)
Fair value as of September 30, 2021	$	2,958

The following table presents the difference between the fair value and the unpaid principal balance of the 2021 Convertible Notes as of September 30, 2021 (in millions):

	September 30, 2021
	Fair value (carrying amount)		Unpaid principal balance		Loss on excess of fair value over unpaid principal
2021 Convertible Notes	$	2,958	$	2,500	$	458

Fair Value Measurement Inputs and Valuation Techniques

Selected inputs into the Monte Carlo simulation as of the issuance date (July 23, 2021) and September 30, 2021 were as follows:

	July 23, 2021			September 30, 2021
	Range		Weighted-Average	Range		Weighted-Average
	Low	High		Low	High
Conversion discount	15%	30%	18%	15%	30%	16%
Volatility	55.0%	55.0%	55.0%	52.5%	52.5%	52.5%
Dividend yield	—%	—%	—%	—%	—%	—%
Risk-free rate	0.1%	0.3%	0.1%	—%	0.3%	—%
Expected term (in years)	0.4	5.0	1.0	0.3	4.8	0.6