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Cash and Cash Equivalents and Short-term Investments
9 Months Ended
Sep. 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 September 30, 2020, Cash and cash equivalents and Short-term investments were $1,269 million compared to $928 million at December 31, 2019, an increase of $341 million. Of the total balances, $100 million and $110 million were restricted as to their use at September 30, 2020 and December 31, 2019, respectively. Included within Short-term investments as of September 30, 2020 and December 31, 2019, respectively, were £44.9 million ($57.2 million at September 30, 2020 exchange rates) and £42.7 million ($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.