Cash and Cash Equivalents and Short-term Investments

9 Months Ended

Sep. 30, 2015

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash and Cash Equivalents and Short-term Investments

Cash and Cash Equivalents and Short-term Investments

Cash and cash equivalents include cash balances and all highly liquid investments with initial maturities of three months or less.  Short-term investments include certificates of deposit, money market funds and highly liquid debt instruments purchased with initial maturities in excess of three months but less than one year and are carried at amortized cost, which approximates fair value.

At September 30, 2015, Cash and cash equivalents and Short-term investments were $783 million compared to $768 million at December 31, 2014. Of the total balances, $107 million and $169 million was restricted as to its use at September 30, 2015 and December 31, 2014, respectively. Included within the September 30, 2015 and December 31, 2014 balances, respectively, were £42.7 million ($64.8 million at September 30, 2015 exchange rates) and £42.0 million ($65.3 million at December 31, 2014 exchange rates) of operating funds required to be held by the Company in the U.K. by the Financial Conduct Authority, a U.K.-based regulator, which were included in Short-term investments.  In addition, Cash and cash equivalents included additional restricted balances of $42 million and $104 million at September 30, 2015 and December 31, 2014, respectively.