Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2023

Cash, Cash Equivalents and Marketable Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

Note 9. 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 March 31, 2023	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Money market funds	$	196	$	-	$	-		$	196
U.S. treasury securities		284		-		(2	)		282
Corporate securities and commercial paper		508		-		(2	)		506
U.S. government agency securities		60		-		-			60
Total cash, cash equivalents and marketable securities	$	1,048	$	-	$	(4	)	$	1,044

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 cash, cash equivalents and marketable securities	$	1,145	$	-	$	(7	)	$	1,138

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:

Location in Condensed Consolidated Balance Sheets	Contractual Maturity	March 31, 2023		December 31, 2022
Cash and cash equivalents	-	$	238	$	206
Marketable securities	Within one year		716		803
Long-term marketable securities	Between one and three years		90		129
Total cash, cash equivalents and marketable securities		$	1,044	$	1,138

Realized gains or losses recognized on the sale of available-for-sale marketable securities were not material for the three months ended March 31, 2023 and 2022. Realized gains and losses 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 178 and 219 positions in securities which were in unrealized loss positions as of March 31, 2023 and December 31, 2022, 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 Condensed Consolidated Balance Sheets to the total shown in the Condensed Consolidated Statements of Cash Flows (in millions):

	March 31, 2023		March 31, 2022
Cash and cash equivalents	$	238	$	549
Restricted cash (included in Other noncurrent assets)		3		3
Total cash, cash equivalents and restricted cash	$	241	$	552