(3) FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of June 30, 2015 and March 31, 2015, our cash and cash equivalents were $1,810 million and $2,068 million, respectively. Cash equivalents were valued at their carrying amounts as they approximate fair value due to the short maturities of these financial instruments.

Short-Term Investments

Short-term investments consisted of the following as of June 30, 2015 and March 31, 2015 (in millions):



	As of June 30, 2015								As of March 31, 2015
	Cost or Amortized Cost		Gross Unrealized				Fair Value		Cost or Amortized Cost		Gross Unrealized				Fair Value
	Cost or Amortized Cost		Gains		Losses		Fair Value		Cost or Amortized Cost		Gains		Losses		Fair Value
Corporate bonds	$	565	$	—	$	—	$	565	$	467	$	—	$	—	$	467
U.S. Treasury securities	218		—		—		218		214		—		—		214
U.S. agency securities	191		—		—		191		161		1		—		162
Commercial paper	95		—		—		95		110		—		—		110
Short-term investments	$	1,069	$	—	$	—	$	1,069	$	952	$	1	$	—	$	953

We evaluate our investments for impairment quarterly. Factors considered in the review of investments include the credit quality of the issuer, the duration that the fair value has been less than the adjusted cost basis, the severity of the impairment, the reason for the decline in value and potential recovery period, the financial condition and near-term prospects of the investees, our intent to sell and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value, and any contractual terms impacting the prepayment or settlement process. Based on our review, we did not consider these investments to be other-than-temporarily impaired as of June 30, 2015 and March 31, 2015.

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of June 30, 2015 and March 31, 2015 (in millions):



	As of June 30, 2015				As of March 31, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due in 1 year or less	$	454	$	454	$	417	$	417
Due in 1-2 years	369		369		281		281
Due in 2-3 years	243		243		244		245
Due in 3-4 years	3		3		10		10
Short-term investments	$	1,069	$	1,069	$	952	$	953