| Cash, Cash Equivalents and Investments Cash, cash equivalents and restricted cash were as follows (in millions):
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As of |
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|
March 31,
2024 |
|
December 31,
2023 |
|
| Cash and cash equivalents |
|
$ |
454 |
|
|
$ |
501 |
|
|
Restricted cash, current (a)
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|
1 |
|
|
1 |
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|
Restricted cash, long-term (b)
|
|
16 |
|
|
16 |
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|
Total cash, cash equivalents and restricted cash |
|
$ |
471 |
|
|
$ |
518 |
|
|
(a) Included in other current assets on the condensed consolidated balance sheets
(b) Included in other assets on the condensed consolidated balance sheets
The components of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis were as follows (in millions):
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As of |
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Fair value level |
|
March 31,
2024 |
|
December 31,
2023 |
|
| Cash and cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
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|
Money market funds |
Level 1 |
|
$ |
454 |
|
|
$ |
220 |
|
|
U.S. Treasury securities |
Level 2 |
|
— |
|
|
251 |
|
|
Commercial paper |
Level 2 |
|
— |
|
|
30 |
|
|
Total cash and cash equivalents |
|
|
$ |
454 |
|
|
$ |
501 |
|
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| Short-term and long-term investments: |
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|
|
|
|
|
U.S. Treasury securities |
Level 2 |
|
$ |
647 |
|
|
$ |
769 |
|
|
Commercial paper |
Level 2 |
|
61 |
|
|
54 |
|
|
Corporate bonds and notes |
Level 2 |
|
35 |
|
|
24 |
|
|
Total short-term and long-term investments |
|
|
$ |
743 |
|
|
$ |
847 |
|
|
Available-for-sale debt securities classified as long-term investments mature after one year and through two years.
The amortized cost, unrealized gains, and fair value of available-for-sale debt securities were as follows (in millions):
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|
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|
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|
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As of March 31, 2024 |
|
|
|
Amortized cost |
|
Unrealized gains |
|
Fair value |
|
| U.S. Treasury securities |
|
$ |
647 |
|
|
$ |
— |
|
|
$ |
647 |
|
|
Commercial paper |
|
61 |
|
|
— |
|
|
61 |
|
|
Corporate bonds and notes |
|
35 |
|
|
— |
|
|
35 |
|
|
Total short-term and long-term investments |
|
$ |
743 |
|
|
$ |
— |
|
|
$ |
743 |
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 |
|
|
|
Amortized cost |
|
Unrealized gains |
|
Fair value |
|
| U.S. Treasury securities |
|
$ |
768 |
|
|
$ |
1 |
|
|
$ |
769 |
|
|
Commercial paper |
|
54 |
|
|
— |
|
|
54 |
|
|
Corporate bonds and notes |
|
24 |
|
|
— |
|
|
24 |
|
|
Total short-term and long-term investments |
|
$ |
846 |
|
|
$ |
1 |
|
|
$ |
847 |
|
|
|