INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024 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
September 30, 2025
Cash equivalents:
Money market mutual funds	Level 1	$	172	$	—	$	—	$	172	$	86	$	—	$	86
U.S. treasuries	Level 2	7		—		—		7		—		—		7
Total cash equivalents		179		—		—		179		86		—		93
AFS Investments:
Corporate bonds	Level 2	34		—		—		34		—		—		34
Agency securities	Level 2	11		—		—		11		—		—		11
U.S. treasuries	Level 2	161		2		—		163		—		—		163
Total AFS Investments		$	206	$	2	$	—	$	208	$	—	$	—	$	208

(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, 2024
Cash equivalents:
Money market mutual funds	Level 1	$	570	$	—	$	—	$	570	$	257	$	—	$	313
U.S. treasuries	Level 2	1		—		—		1		—		—		1
Total cash equivalents		571		—		—		571		257		—		314
AFS Investments:
Corporate bonds	Level 2	35				—		35		—				35
Agency securities	Level 2	18		—		(1)		17		—				17
U.S. treasuries	Level 2	176				(2)		174		—				174
Certificate of deposit	Level 2	1		—		—		1		—		—		1
Total AFS Investments		$	230	$	—	$	(3)	$	227	$	—	$	—	$	227

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, 2025
One year or less	$	17
Over one year through five years	185
Over five years through ten years	6
Over ten years	—
Total fair value	$	208

Schedule of Available-for-Sale Securities

The gross proceeds from sales and maturities of AFS securities and gross realized losses for the three and nine months ended September 30, 2025 and 2024 are presented below. We had immaterial gross realized gains from sales of investments for the three and nine months ended September 30, 2025 and 2024.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Gross proceeds from sales	$	14	$	31	$	76	$	93
Gross proceeds from maturities	2		39		6		103