Cash, Cash Equivalents, Restricted Cash and Investments

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash, Cash Equivalents, Restricted Cash and Investments

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


	As of
	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	221	$	211
Restricted cash, current (a)	1		1
Restricted cash, long-term (b)	13		15
Total cash, cash equivalents and restricted cash	$	235	$	227

(a) Included in other current assets on the consolidated balance sheets

(b) Included in other assets on the consolidated balance sheets

The components of cash, cash equivalents, short-term investments, and long-term investments measured at fair value on a recurring basis were as follows (in millions):


		As of
	Fair value level	December 31, 2025		December 31, 2024
Cash and cash equivalents:
Bank deposits	Level 1	$	1	$	1
Money market funds	Level 1	220		165
U.S. Treasury securities	Level 2	—		40
Commercial paper	Level 2	—		5
Total cash and cash equivalents		$	221	$	211
Short-term and long-term investments:
U.S. Treasury securities	Level 2	$	766	$	728
Commercial paper	Level 2	39		132
Corporate bonds and notes	Level 2	433		152
Total short-term and long-term investments		$	1,238	$	1,012

Available-for-sale debt securities classified as long-term investments mature after one year and through two years.

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


	As of December 31, 2025
	Amortized cost		Unrealized gains		Fair value
U.S. Treasury securities	$	765	$	1	$	766
Commercial paper	39		—		39
Corporate bonds and notes	433		—		433
Total short-term and long-term investments	$	1,237	$	1	$	1,238


	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 and long-term investments	$	1,011	$	1	$	1,012