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Cash, Cash Equivalents and Marketable Securities
 9 Months Ended
Sep. 30, 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 September 30, 2024
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Fair
Value
Money market funds$134 $— $— $134 
U.S. treasury securities258 — — 258 
Corporate securities and commercial paper667 1 — 668 
U.S. government agency securities9 — — 9 
Certificate of deposit22 — — 22 
Total cash, cash equivalents and marketable securities$1,090 $1 $— $1,091 
Types of securities as of December 31, 2023
Amortized
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 Condensed Consolidated Balance Sheets and contractual maturity (in millions):
Location in Condensed Consolidated Balance SheetsContractual MaturitySeptember 30, 2024December 31, 2023
Cash and cash equivalents—$201 $127 
Marketable securitiesWithin one year888 632 
Long-term marketable securitiesBetween one and three years2 107 
Total cash, cash equivalents and marketable securities $1,091 $866 
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, 2024 and 2023. 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 21 and 105 positions in securities which were in unrealized loss positions as of September 30, 2024 and December 31, 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 Condensed Consolidated Balance Sheets to the total shown in the Condensed Consolidated Statements of Cash Flows (in millions):
As of September 30,
20242023
Cash and cash equivalents$201 $184 
Restricted cash (included in Other noncurrent assets)3 3 
Total cash, cash equivalents and restricted cash$204 $187 
Restricted cash at September 30, 2024 and 2023 represents cash balances held as security in connection with our facility lease agreements.