Cash and Cash Equivalents and Short-term Investments

3 Months Ended

Mar. 31, 2019

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, 2019, Cash and cash equivalents and Short-term investments were $734 million compared to $828 million at December 31, 2018, a decrease of $94 million. Of the total balances, $140 million and $91 million were restricted as to their use at March 31, 2019 and December 31, 2018, respectively. Included within Cash and cash equivalents as of March 31, 2019, was $48 million of pledged cash, which was released on April 1, 2019. Included within Short-term investments as of March 31, 2019 and December 31, 2018 was £42.7 million ($56.4 million at March 31, 2019 exchange rates and $53.9 million at December 31, 2018 exchange rates) of operating funds required to be held by the Company in the United Kingdom (the “U.K.”) by the Financial Conduct Authority (the “FCA”), a U.K.-based regulator.