Quarterly report [Sections 13 or 15(d)]

Cash, Cash Equivalents, Restricted Cash and Investments (Tables)

v3.25.1
Cash, Cash Equivalents, Restricted Cash and Investments (Tables)
 3 Months Ended
Mar. 31, 2025
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,
2025		 December 31,
2024
Cash and cash equivalents $ 170  $ 211 
Restricted cash, current (a)
1  1 
Restricted cash, long-term (b)
15  15 
Total cash, cash equivalents and restricted cash
 $ 186  $ 227 
(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,
2025		 December 31,
2024
Cash and cash equivalents $ 170  $ 211 
Restricted cash, current (a)
1  1 
Restricted cash, long-term (b)
15  15 
Total cash, cash equivalents and restricted cash
 $ 186  $ 227 
(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, and short-term investments measured at fair value on a recurring basis were as follows (in millions):
As of
Fair value level March 31,
2025		 December 31,
2024
Cash and cash equivalents:
Bank deposits Level 1 $ 1  $ 1 
Money market funds
 Level 1 164  165 
U.S. Treasury securities
 Level 2 5  40 
Commercial paper
 Level 2 —  5 
Total cash and cash equivalents
 $ 170  $ 211 
Short-term investments:
U.S. Treasury securities
 Level 2 $ 721  $ 728 
Commercial paper
Level 2
 100  132 
Corporate bonds and notes
 Level 2 168  152 
Total short-term investments
 $ 989  $ 1,012 
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, 2025
Amortized cost
Unrealized gains
 Fair value
U.S. Treasury securities $ 721  $ —  $ 721 
Commercial paper
 100  —  100 
Corporate bonds and notes
 168  —  168 
  Total short-term investments
 $ 989  $ —  $ 989 
As of December 31, 2024
Amortized cost
Unrealized gains
 Fair value
U.S. Treasury securities $ 727  $ 1  $ 728 
Commercial paper
 132  —  132 
Corporate bonds and notes
 152  —  152 
  Total short-term investments
 $ 1,011  $ 1  $ 1,012