Cash, Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2022

Cash, Cash Equivalents and Marketable Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

Note 10. Cash, cash equivalents and marketable securities

The following table summarizes 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:

Types of securities as of December 31, 2022	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Money market funds	$	169	$	-	$	-		$	169
U.S. treasury securities		317		-		(3	)		314
Corporate securities and commercial paper		635		-		(4	)		631
U.S. government agency securities		20		-		-			20
Certificate of deposit		4		-		-			4
Total	$	1,145	$	-	$	(7	)	$	1,138

Types of securities as of December 31, 2021	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Money market funds	$	148	$	-	$	-		$	148
U.S. treasury securities		112		-		-			112
Corporate securities and commercial paper		422		-		(1	)		421
Total	$	682	$	-	$	(1	)	$	681

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

	Contractual	Year Ended December 31,
Location in Consolidated Balance Sheets	Maturity	2022		2021
Cash and cash equivalents	-	$	206	$	148
Marketable securities	Within one year		803		351
Long-term marketable securities	Between one year and three years		129		182
Total		$	1,138	$	681

Realized gains or losses recognized on the sale of available-for-sale marketable securities were not material for the years ended December 31, 2022, 2021 and 2020. Realized gains and losses are included in Interest and other income, net, in the 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 it believes are highly credit worthy and investing in highly rated investments. We held a total of 219 and 165 positions in securities which were in unrealized loss positions as of December 31, 2022 and 2021, respectively. 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 Consolidated Balance Sheets to the total shown in the Consolidated Statements of Cash Flows (in millions):

	As of December 31,
	2022		2021
Cash and cash equivalents	$	206	$	148
Restricted cash (included in Other noncurrent assets)		3		3
Cash, cash equivalents and restricted cash	$	209	$	151

Restricted cash at December 31, 2022 and 2021 represents cash balances held as security in connection with our facility lease agreements.