Cash, Cash Equivalents, Restricted Cash and Investments

3 Months Ended

Mar. 31, 2026

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
	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	273	$	221
Restricted cash, current (a)	2		1
Restricted cash, long-term (b)	14		13
Total cash, cash equivalents and restricted cash	$	289	$	235

(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, 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	March 31, 2026		December 31, 2025
Cash and cash equivalents:
Bank deposits	Level 1	$	1	$	1
Money market funds	Level 1	272		220
U.S. Treasury securities	Level 2	—		—
Commercial paper	Level 2	—		—
Total cash and cash equivalents		$	273	$	221
Short-term and long-term investments:
U.S. Treasury securities	Level 2	$	620	$	766
Commercial paper	Level 2	7		39
Corporate bonds and notes	Level 2	377		433
Total short-term and long-term investments		$	1,004	$	1,238

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 March 31, 2026
	Amortized cost		Unrealized gains		Fair value
U.S. Treasury securities	$	620	$	—	$	620
Commercial paper	7		—		7
Corporate bonds and notes	377		—		377
Total short-term and long-term investments	$	1,004	$	—	$	1,004


	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