The following table summarizes our financial assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2017:



	Level 1		Level 2			Level 3		Total
	(in millions)
Cash equivalents:
Money market funds	$	334	$	—		$	—	$	334
Bank deposits	—		80			—		80
Commercial paper	—		386			—		386
Total cash equivalents	334		466			—		800
Short-term investments:
Time deposits	—		389			—		389
Available-for-sale investment securities:
U.S. Treasury and agency debt securities	585		76			—		661
Corporate and other debt securities	—		437			—		437
Certificates of deposit and commercial paper	—		450			—		450
Asset-backed securities	—		295			—		295
Municipal debt securities	—		129			—		129
Total available-for-sale investment securities	585		1,387			—		1,972
Held-to-maturity investment securities:
Commercial paper	—		397			—		397
Corporate and other debt securities	—		345			—		345
Total short-term held-to-maturity investment securities	—		742			—		742
Total short-term investments⁽¹⁾	585		2,518			—		3,103
Long-term investments:
Held-to-maturity investment securities:
Corporate and other debt securities	—		160			—		160
Total long-term held-to-maturity investment securities	—		160			—		160
Total long-term investments⁽²⁾	—		160			—		160
Derivative financial instruments - foreign exchange forward contracts:
Other current assets	—		134			—		134
Accrued expenses and other current liabilities	—		(5		)	—		(5		)
Other noncurrent assets	—		20			—		20
Total	$	919	$	3,293		$	—	$	4,212

________________


(1)	Excludes trading securities invested in a mutual fund valued at $25 million based on the NAV of the fund at December 31, 2017.


(2)	Excludes equity and cost method investments of $74 million at December 31, 2017, which are accounted for using the equity method of accounting and at cost, respectively.

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



	Level 1		Level 2			Level 3		Total
	(in millions)
Cash equivalents:
Money market funds	$	624	$	—		$	—	$	624
Commercial paper	—		131			—		131
Total cash equivalents	624		131			—		755
Short-term investments:
Time deposits	—		806			—		806
Available-for-sale investment securities:
U.S. Treasury and agency debt securities	558		44			—		602
Corporate and other debt securities	—		405			—		405
Certificates of deposit and commercial paper	—		911			—		911
Asset-backed securities	—		231			—		231
Municipal debt securities	—		115			—		115
Total available-for-sale investment securities	558		1,706			—		2,264
Held-to-maturity investment securities:
Certificates of deposit and commercial paper	—		40			—		40
Total held-to-maturity investment securities	—		40			—		40
Total short-term investments⁽¹⁾	558		2,552			—		3,110
Derivative financial instruments - foreign exchange forward contracts:
Other current assets	—		34			—		34
Accrued expenses and other current liabilities	—		(4		)	—		(4		)
Other noncurrent assets	—		17			—		17
Total	$	1,182	$	2,730		$	—	$	3,912