The following table summarizes the amortized cost, gross unrealized gains and losses and the fair value of our cash, cash equivalents and marketable securities, all of which are considered available for sale, by type of securities (in millions):


Types of securities as of June 30, 2025	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Money market funds	$	187	$	—	$	—	$	187
U.S. treasury securities	229		—		—		229
Corporate securities and commercial paper	485		—		—		485
U.S. government agency securities	2		—		—		2
Certificate of deposit	24		—		—		24
Total cash, cash equivalents and marketable securities	$	927	$	—	$	—	$	927


Types of securities as of December 31, 2024	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Money market funds	$	120	$	—	$	—	$	120
U.S. treasury securities	251		—		—		251
Corporate securities and commercial paper	592		—		—		592
U.S. government agency securities	5		—		—		5
Certificate of deposit	24		—		—		24
Total cash, cash equivalents and marketable securities	$	992	$	—	$	—	$	992

The following table summarizes the fair values of our cash, cash equivalents and marketable securities by location in the Condensed Consolidated Balance Sheets and contractual maturity (in millions):


Location in Condensed Consolidated Balance Sheets	Contractual Maturity	June 30, 2025		December 31, 2024
Cash and cash equivalents	—	$	248	$	150
Marketable securities	Within one year	663		828
Long-term marketable securities	Between one and three years	16		14
Total cash, cash equivalents and marketable securities		$	927	$	992

Realized gains or losses recognized on the sale of available-for-sale marketable securities were not material for the three and six months ended June 30, 2025 and 2024 and are included in Interest and other income, net, in the Condensed Consolidated Statements of Operations. The cost of a security sold is determined using the specific-identification method.

We limit the credit risk associated with our investments by placing them with banks and institutions we believe are highly credit worthy and investing in highly rated investments. We held a total of 79 and 54 positions in securities which were in unrealized loss positions as of June 30, 2025 and December 31, 2024, respectively, which were immaterial individually and in aggregate. We do not intend to sell our securities with unrealized loss positions and have concluded we will not be required to sell the securities before recovery of the amortized cost for the investment at maturity. No credit related losses have been recognized for any of the periods presented.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the total shown in the Condensed Consolidated Statements of Cash Flows (in millions):


	As of June 30,
	2025		2024
Cash and cash equivalents	$	248	$	156
Restricted cash (included in Other noncurrent assets)	3		3
Total cash, cash equivalents and restricted cash	$	251	$	159

Restricted cash at June 30, 2025 and 2024 represents cash balances held as security in connection with our facility lease agreements.