Cash and Marketable Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Marketable Securities | Note 16. Cash and Marketable Securities
Cash, money market funds and certificates of deposit with maturities of three months or less when purchased are included in Cash and cash equivalents in the accompanying consolidated statements of financial position. As of December 31, 2019 and 2018, marketable securities primarily consisted of treasury bills with maturities of less than one year and are classified as available-for-sale securities. As of December 31, 2019 and 2018, the amortized cost of our short-term investments was $7 million and $9 million, respectively, and the estimated fair value of these investments was $7 million and $9 million, respectively. There were no unrealized losses which had been in a loss position for more than one year as of December 31, 2019 and 2018.
Gains and losses on sales of investments, as determined on a specific identification basis, are included in investment income in the period they are realized. For the years ended December 31, 2019, 2018 and 2017, there were no gross realized gains or gross realized losses resulting from the sales of available-for-sale securities. The table below summarizes proceeds and maturities of available-for-sale securities.
We periodically review our portfolio of investments to determine whether there has been an other than temporary decline in the value of the investments from factors such as deterioration in the financial condition of the issuer or the market(s) in which the issuer competes. There were no impairment charges due to declines in the value of these investments for the years ended December 31, 2019, 2018, and 2017. |