Cash and Cash Equivalents and Short-term Investments

3 Months Ended

Mar. 31, 2021

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 instruments with initial maturities of three months or less. Short-term investments consist of money market funds. The estimated fair value of Cash and cash equivalents and Short-term investments approximates their carrying values.

At March 31, 2021, Cash and cash equivalents and Short-term investments were $993 million compared to $1,192 million at December 31, 2020, a decrease of $199 million. Of the total balances, $102 million was restricted as to their use at both March 31, 2021 and December 31, 2020. Included within Short-term investments as of March 31, 2021 and December 31, 2020, respectively, were £44.9 million ($61.9 million at March 31, 2021 exchange rates) and £44.4 million ($60.2 million at December 31, 2020 exchange rates) of operating funds required to be held by the Company in the U.K. by the Financial Conduct Authority (the “FCA”), a U.K.-based regulator.