Cash, Cash Equivalents, Restricted Cash and Investments

6 Months Ended

Jun. 30, 2025

Cash, cash equivalents and restricted cash were as follows (in millions):


	As of
	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	206	$	211
Restricted cash, current (a)	1		1
Restricted cash, long-term (b)	15		15
Total cash, cash equivalents and restricted cash	$	222	$	227

(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):


		As of
	Fair value level	June 30, 2025		December 31, 2024
Cash and cash equivalents:
Bank deposits	Level 1	$	1	$	1
Money market funds	Level 1	190		165
U.S. Treasury securities	Level 2	13		40
Commercial paper	Level 2	2		5
Total cash and cash equivalents		$	206	$	211
Short-term investments:
U.S. Treasury securities	Level 2	$	801	$	728
Commercial paper	Level 2	108		132
Corporate bonds and notes	Level 2	194		152
Total short-term investments		$	1,103	$	1,012

The amortized cost, unrealized gains, and fair value of available-for-sale debt securities were as follows (in millions):


	As of June 30, 2025
	Amortized cost		Unrealized gains		Fair value
U.S. Treasury securities	$	801	$	—	$	801
Commercial paper	108		—		108
Corporate bonds and notes	194		—		194
Total short-term investments	$	1,103	$	—	$	1,103


	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