The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of September 30, 2025 and December 31, 2024 and the amortized cost, gross unrealized gains, gross unrealized losses, fair value of our AFS investments:


(in millions)	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash, Cash Equivalents and Investments
September 30, 2025
Cash equivalents:
Money market mutual funds	Level 1	$	172	$	—	$	—	$	172	$	86	$	—	$	86
U.S. treasuries	Level 2	7		—		—		7		—		—		7
Total cash equivalents		179		—		—		179		86		—		93
AFS Investments:

Corporate bonds	Level 2	34		—		—		34		—		—		34
Agency securities	Level 2	11		—		—		11		—		—		11
U.S. treasuries	Level 2	161		2		—		163		—		—		163


Total AFS Investments		$	206	$	2	$	—	$	208	$	—	$	—	$	208


(in millions)	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash, Cash Equivalents and Investments
December 31, 2024
Cash equivalents:
Money market mutual funds	Level 1	$	570	$	—	$	—	$	570	$	257	$	—	$	313
U.S. treasuries	Level 2	1		—		—		1		—		—		1
Total cash equivalents		571		—		—		571		257		—		314
AFS Investments:

Corporate bonds	Level 2	35				—		35		—				35
Agency securities	Level 2	18		—		(1)		17		—				17
U.S. treasuries	Level 2	176				(2)		174		—				174
Certificate of deposit	Level 2	1		—		—		1		—		—		1

Total AFS Investments		$	230	$	—	$	(3)	$	227	$	—	$	—	$	227

We use an independent pricing source to determine the fair value of our securities. The independent pricing source utilizes various pricing models for each asset class, including the market approach. The inputs and assumptions for the pricing models are market observable inputs including trades of comparable securities, dealer quotes, credit spreads, yield curves and other market-related data.

We have not adjusted the prices obtained from the independent pricing service and we believe the prices received from the independent pricing service are representative of the prices that would be received to sell the assets at the measurement date (exit price).

The carrying value of the Company's cash equivalents and restricted cash equivalents approximate their fair values due to their short-term maturities.

We did not have any Level 3 financial instruments recognized in our condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024. There were no transfers between levels as of September 30, 2025 and December 31, 2024.


(in millions)	September 30, 2025
One year or less	$	17
Over one year through five years	185
Over five years through ten years	6
Over ten years	—
Total fair value	$	208

The gross proceeds from sales and maturities of AFS securities and gross realized losses for the three and nine months ended September 30, 2025 and 2024 are presented below. We had immaterial gross realized gains from sales of investments for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024


Gross proceeds from sales	$	14	$	31	$	76	$	93
Gross proceeds from maturities	2		39		6		103

As of September 30, 2025, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $469 million and $413 million, respectively. As of December 31, 2024, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $453 million and $408 million, respectively. The fair value of our 2029 Notes and 2031 Notes was obtained from a third-party pricing service and is based on observable market inputs. As such, the fair value of the Senior Notes is considered Level 2 in the hierarchy for fair value measurement.

Our 2021 Revolver is a floating rate debt. At September 30, 2025 and December 31, 2024, the fair value of our 2021 Revolver approximated its carrying value (exclusive of issuance costs). The fair value of our floating rate debt is estimated based on a discounted cash flow, which incorporates credit spreads, market interest rates and contractual maturities to estimate the fair value and is considered Level 3 in the hierarchy for fair value measurement. The entire outstanding balance of $90 million under our 2021 Revolver was paid off in July 2025.