The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2016:



	Level 1		Level 2			Level 3		Total
	(in millions)
Cash equivalents:
Money market funds	$	260.9	$	—		$	—	$	260.9
Time deposits	—		323.0			—		323.0
Certificates of deposit and commercial paper	—		134.0			—		134.0
Total cash equivalents	260.9		457.0			—		717.9
Short-term investments:
Time deposits	—		830.3			—		830.3
Available-for-sale investment securities:
U.S. Treasury and agency debt securities	540.2		58.7			—		598.9
Corporate and other debt securities	—		394.0			—		394.0
Certificates of deposit and commercial paper	—		719.1			—		719.1
Asset-backed securities	—		241.9			—		241.9
Municipal debt securities	—		121.1			—		121.1
Total available-for-sale investment securities⁽¹⁾	540.2		1,534.8			—		2,075.0
Total short-term investments⁽¹⁾	540.2		2,365.1			—		2,905.3
Derivative financial instruments - foreign exchange forward contracts:
Other current assets	—		16.7			—		16.7
Accrued expenses and other current liabilities	—		(8.0		)	—		(8.0		)
Other noncurrent assets	—		5.9			—		5.9
Other noncurrent liabilities	—		(7.3		)	—		(7.3		)
Total	$	801.1	$	2,829.4		$	—	$	3,630.5

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(1)	Excludes mutual funds which are valued based on the net asset value, or NAV, of the fund and were $22.6 million at March 31, 2016.

The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2015:



	Level 1		Level 2			Level 3		Total
	(in millions)
Cash equivalents:
Money market funds	$	495.9	$	—		$	—	$	495.9
Total cash equivalents	495.9		—			—		495.9
Short-term investments:
Time deposits	—		809.5			—		809.5
Available-for-sale investment securities:
U.S. Treasury and agency debt securities	463.7		63.4			—		527.1
Corporate and other debt securities	—		360.5			—		360.5
Certificates of deposit and commercial paper	—		754.0			—		754.0
Asset-backed securities	—		229.6			—		229.6
Municipal debt securities	—		121.3			—		121.3
Total available-for-sale investment securities⁽¹⁾	463.7		1,528.8			—		1,992.5
Total short-term investments⁽¹⁾	463.7		2,338.3			—		2,802.0
Derivative financial instruments - foreign exchange forward contracts:
Other current assets	—		7.6			—		7.6
Accrued expenses and other current liabilities	—		(10.9		)	—		(10.9		)
Other noncurrent assets	—		1.6			—		1.6
Other noncurrent liabilities	—		(13.5		)	—		(13.5		)
Total	$	959.6	$	2,323.1		$	—	$	3,282.7

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(1)	Excludes mutual funds which are valued based on the net asset value, or NAV, of the fund and were $22.3 million at December 31, 2015