Cash and Cash Equivalents and Short-term Investments

6 Months Ended

Jun. 30, 2020

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 June 30, 2020, Cash and cash equivalents and Short-term investments were $1,411 million compared to $928 million at December 31, 2019, an increase of $483 million. Of the total balances, $103 million and $110 million were restricted as to their use at June 30, 2020 and December 31, 2019, respectively. Included within Short-term investments as of June 30, 2020 and December 31, 2019 were £42.7 million ($52.7 million at June 30, 2020 exchange rates and $55.5 million at December 31, 2019 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.