Cash and Cash Equivalents and Short-Term Investments |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
| Cash and Cash Equivalents and Short-Term Investments | Cash and Cash Equivalents and Short-Term Investments Cash and cash equivalents include cash balances and all highly liquid instruments with initial maturities of three months or less. Short-term investments consist of money market funds. The estimated fair value of Cash and cash equivalents and Short-term investments approximates their carrying values. At March 31, 2025 and December 31, 2024, Cash and cash equivalents and Short-term investments were $1.3 billion. Of the total balances, $138 million and $123 million were restricted as to their use at March 31, 2025 and December 31, 2024, respectively. Included within Short-term investments as of March 31, 2025 and December 31, 2024, were £66 million ($85 million at March 31, 2025 exchange rates) and £63 million ($79 million at December 31, 2024 exchange rates), respectively, of operating funds required to be held by the Company in the U.K. by the FCA, a U.K.-based regulator.
|