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Cash and Cash Equivalents and Short-Term Investments
3 Months Ended
Mar. 31, 2023
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, 2023, Cash and cash equivalents and Short-term investments were $1,291 million compared to $1,142 million at December 31, 2022, an increase of $149 million. Of the total balances, $117 million and $115 million were restricted as to their use at March 31, 2023 and December 31, 2022, respectively. Included within Short-term investments as of March 31, 2023 and December 31, 2022, were £62.8 million ($76.8 million at March 31, 2023 exchange rates) and £60.1 million ($72.5 million at December 31, 2022 exchange rates), respectively, of operating funds required to be held by the Company in the U.K. by the FCA, a U.K.-based regulator.