Financial Instruments

12 Months Ended

Mar. 31, 2016

Financial Instruments [Abstract]

Financial Instruments

(3)  FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of March 31, 2016 and 2015, our cash and cash equivalents were $2,493 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 March 31, 2016 and 2015 (in millions):

	As of March 31, 2016								As of March 31, 2015
	Cost or Amortized Cost		Gross Unrealized				Fair Value		Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Corporate bonds	$	733	$	1	$	—	$	734	$	467	$	—	$	—	$	467
U.S. Treasury securities	389		1		—		390		214		—		—		214
U.S. agency securities	167		—		—		167		161		1		—		162
Commercial paper	50		—		—		50		110		—		—		110
Short-term investments	$	1,339	$	2	$	—	$	1,341	$	952	$	1	$	—	$	953

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of March 31, 2016 and 2015 (in millions):

	As of March 31, 2016				As of March 31, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due in 1 year or less	$	571	$	571	$	417	$	417
Due in 1-2 years	461		462		281		281
Due in 2-3 years	295		296		244		245
Due in 3-4 years	12		12		10		10
Short-term investments	$	1,339	$	1,341	$	952	$	953