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Cash and Cash Equivalents and Short-Term Investments
3 Months Ended
Mar. 31, 2024
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, 2024, Cash and cash equivalents and Short-term investments were $6.4 billion compared to $1.1 billion at December 31, 2023, an increase of $5.3 billion primarily related to net proceeds from debt offerings to be used for general corporate purposes, including to fund the acquisition of NFP. Refer to Note 9 “Debt” for further information. Of the total balances, $112 million and $120 million were restricted as to their use at March 31, 2024 and December 31, 2023, respectively. Included within Short-term investments as of March 31, 2024 and December 31, 2023, were £55 million ($70 million at March 31, 2024 exchange rates) and £63 million ($80 million at December 31, 2023 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.