The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of March 31, 2026 and December 31, 2025 and the amortized cost, gross unrealized gains, gross unrealized losses and fair value of our AFS investments:


(in millions)	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Restricted Cash, Cash Equivalents and Investments
March 31, 2026
Cash equivalents:
Money market mutual funds	Level 1	$	198	$	—	$	—	$	198	$	92	$	106
U.S. treasuries	Level 2	10		—		—		10		—		10
Total cash equivalents		208		—		—		208		92		116
AFS Investments:

Corporate bonds	Level 2	30		—		—		30		—		30
Agency securities	Level 2	11		—		—		11		—		11
U.S. treasuries	Level 2	151		1		(1)		151		—		151


Total AFS Investments		$	192	$	1	$	(1)	$	192	$	—	$	192


(in millions)	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Restricted Cash, Cash Equivalents and Investments
December 31, 2025
Cash equivalents:
Money market mutual funds	Level 1	$	483	$	—	$	—	$	483	$	96	$	387
U.S. treasuries	Level 2	2		—		—		2		—		2
Total cash equivalents		485		—		—		485		96		389
AFS Investments:

Corporate bonds	Level 2	34		—		—		34		—		34
Agency securities	Level 2	11		—		—		11		—		11
U.S. treasuries	Level 2	160		2		—		162		—		162


Total AFS Investments		$	205	$	2	$	—	$	207	$	—	$	207

We use an independent pricing source to determine the fair value of our securities. The independent pricing source utilizes various pricing models for each asset class, including the market approach. The inputs and assumptions for the pricing models are market observable inputs including trades of comparable securities, dealer quotes, credit spreads, yield curves and other market-related data.

We have not adjusted the prices obtained from the independent pricing service and we believe the prices received from the independent pricing service are representative of the prices that would be received to sell the assets at the measurement date (exit price).

The carrying value of the Company's cash equivalents and restricted cash equivalents approximate their fair values due to their short-term maturities.

We did not have any Level 3 financial instruments recognized in our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. There were no transfers between levels as of March 31, 2026 and December 31, 2025.


(in millions)	March 31, 2026
One year or less	$	10
Over one year through five years	177
Over five years through ten years	5

Total fair value	$	192

The gross proceeds from sales and maturities of AFS securities and gross realized losses for the three months ended March 31, 2026 and 2025 are presented below. We had immaterial gross realized gains from sales of investments for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
(in millions)	2026		2025

Gross realized losses	$	—	$	(1)
Gross proceeds from sales	37		31
Gross proceeds from maturities	1		3

As of March 31, 2026, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $453 million and $389 million, respectively. As of December 31, 2025, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $473 million and $414 million, respectively. The fair value of our 2029 Notes and 2031 Notes was obtained from a third-party pricing service and is based on observable market inputs. As such, the fair value of the Senior Notes is considered Level 2 in the hierarchy for fair value measurement.