Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Investments (Tables)

v3.24.1.u1
Cash, Cash Equivalents and Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash were as follows (in millions):
As of
March 31,
2024		 December 31,
2023
Cash and cash equivalents $ 454  $ 501 
Restricted cash, current (a)
1  1 
Restricted cash, long-term (b)
16  16 
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
Schedule of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash were as follows (in millions):
As of
March 31,
2024		 December 31,
2023
Cash and cash equivalents $ 454  $ 501 
Restricted cash, current (a)
1  1 
Restricted cash, long-term (b)
16  16 
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
Schedule of Fair Value, Assets Measured on Recurring Basis
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):
As of
Fair value level March 31,
2024		 December 31,
2023
Cash and cash equivalents:
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 
Short-term and long-term investments:
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 
Schedule of Debt Securities, Available-for-Sale
The amortized cost, unrealized gains, and fair value of available-for-sale debt securities were as follows (in millions):
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 
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