Cash, Cash Equivalents, Restricted Cash 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, 2025 |
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December 31, 2024 |
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Cash and cash equivalents |
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$ |
170 |
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$ |
211 |
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Restricted cash, current (a)
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1 |
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1 |
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Restricted cash, long-term (b)
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15 |
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15 |
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Total cash, cash equivalents and restricted cash |
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$ |
186 |
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$ |
227 |
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(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, and short-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 |
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March 31, 2025 |
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December 31, 2024 |
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Cash and cash equivalents: |
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Bank deposits |
Level 1 |
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$ |
1 |
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$ |
1 |
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Money market funds |
Level 1 |
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164 |
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165 |
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U.S. Treasury securities |
Level 2 |
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5 |
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40 |
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Commercial paper |
Level 2 |
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— |
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5 |
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Total cash and cash equivalents |
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$ |
170 |
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$ |
211 |
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Short-term investments: |
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U.S. Treasury securities |
Level 2 |
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$ |
721 |
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$ |
728 |
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Commercial paper |
Level 2 |
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100 |
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132 |
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Corporate bonds and notes |
Level 2 |
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168 |
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|
152 |
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Total short-term investments |
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$ |
989 |
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$ |
1,012 |
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The amortized cost, unrealized gains, and fair value of available-for-sale debt securities were as follows (in millions):
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As of March 31, 2025 |
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Amortized cost |
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Unrealized gains |
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Fair value |
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U.S. Treasury securities |
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$ |
721 |
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$ |
— |
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$ |
721 |
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Commercial paper |
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100 |
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— |
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|
100 |
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Corporate bonds and notes |
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168 |
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— |
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168 |
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Total short-term investments |
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$ |
989 |
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$ |
— |
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$ |
989 |
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As of December 31, 2024 |
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Amortized cost |
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Unrealized gains |
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Fair value |
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U.S. Treasury securities |
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$ |
727 |
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$ |
1 |
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$ |
728 |
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Commercial paper |
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132 |
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— |
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|
132 |
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Corporate bonds and notes |
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152 |
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— |
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|
152 |
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Total short-term investments |
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$ |
1,011 |
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$ |
1 |
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$ |
1,012 |
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