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Cash, Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024Amortized
Cost		Unrealized
Gain		Unrealized
Loss 		Fair
Value
Money market funds$120 $— $— $120 
U.S. treasury securities251 — — 251 
Corporate securities and commercial paper592 — — 592 
U.S. government agency securities5 — — 5 
Certificate of deposit24 — — 24 
Total cash, cash equivalents and marketable securities$992 $— $— $992 
Types of securities as of December 31, 2023Amortized
Cost		Unrealized
Gain		Unrealized
Loss 		Fair
Value
Money market funds$85 $— $— $85 
U.S. treasury securities213 1 (1)213 
Corporate securities and commercial paper471 — — 471 
U.S. government agency securities90 — — 90 
Certificate of deposit7 — — 7 
Total cash, cash equivalents and marketable securities$866 $1 $(1)$866 
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 (in millions):
Contractual
Maturity		As of December 31,
Location in Consolidated Balance Sheets20242023
Cash and cash equivalents—$150 $127 
Marketable securitiesWithin one year828 632 
Long-term marketable securitiesBetween one and three years14 107 
Total cash, cash equivalents and marketable securities $992 $866 
Realized gains or losses recognized on the sale of available-for-sale marketable securities were not material for the years ended December 31, 2024, 2023 and 2022. 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 we believe are highly credit worthy and investing in highly rated investments. We held a total of 54 and 105 positions in securities which were in unrealized loss positions as of December 31, 2024 and 2023, 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,
20242023
Cash and cash equivalents$150 $127 
Restricted cash (included in Other noncurrent assets)3 3 
Total cash, cash equivalents and restricted cash$153 $130 
Restricted cash at December 31, 2024 and 2023 represents cash balances held as security in connection with our facility lease agreements.