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Cash, Cash Equivalents and Marketable Securities
 9 Months Ended
Sep. 30, 2023
Cash, Cash Equivalents and Marketable Securities [Abstract]  
Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents and marketable securities
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 September 30, 2023
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Fair
Value
Money market funds$110 $— $— $110 
U.S. treasury securities246 — (1)245 
Corporate securities and commercial paper493 — (2)491 
U.S. government agency securities96 — — 96 
Certificate of deposit8 — — 8 
Total cash, cash equivalents and marketable securities$953 $— $(3)$950 
Types of securities as of December 31, 2022
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Fair
Value
Money market funds$169 $— $— $169 
U.S. treasury securities317 — (3)314 
Corporate securities and commercial paper635 — (4)631 
U.S. government agency securities20 — — 20 
Certificate of deposit4 — — 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 (in millions):
Location in Condensed Consolidated Balance SheetsContractual MaturitySeptember 30, 2023December 31, 2022
Cash and cash equivalents-$184 $206 
Marketable securitiesWithin one year615 803 
Long-term marketable securitiesBetween one and three years151 129 
Total cash, cash equivalents and marketable securities $950 $1,138 
Realized gains or losses recognized on the sale of available-for-sale marketable securities were not material for the three and nine months ended September 30, 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 159 and 219 positions in securities which were in unrealized loss positions as of September 30, 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):
September 30,
20232022
Cash and cash equivalents$184 $218 
Restricted cash (included in Other noncurrent assets)3 3 
Total cash, cash equivalents and restricted cash$187 $221