Financial Instruments

9 Months Ended

Dec. 31, 2016

Financial Instruments [Abstract]

Financial Instruments

(3) FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of December 31, 2016 and March 31, 2016, our cash and cash equivalents were $2,483 million and $2,493 million, respectively. Cash equivalents were valued using quoted market prices or other readily available market information.

Short-Term Investments

Short-term investments consisted of the following as of December 31, 2016 and March 31, 2016 (in millions):

	As of December 31, 2016									As of March 31, 2016
	Cost or Amortized Cost		Gross Unrealized					Fair Value		Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses							Gains		Losses
Corporate bonds	$	842	$	—	$	(2	)	$	840	$	620	$	1	$	—	$	621
U.S. Treasury securities	400		—		(1		)	399		389		1		—		390
U.S. agency securities	163		—		(1		)	162		167		—		—		167
Commercial paper	116		—		—			116		50		—		—		50
Foreign government securities	124		—		—			124		113		—		—		113
Asset-backed securities	95		—		—			95		—		—		—		—
Short-term investments	$	1,740	$	—	$	(4	)	$	1,736	$	1,339	$	2	$	—	$	1,341

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

	As of December 31, 2016				As of March 31, 2016
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due in 1 year or less	$	928	$	928	$	571	$	571
Due in 1-2 years	419		418		461		462
Due in 2-3 years	306		304		295		296
Due in 3-4 years	87		86		12		12
Short-term investments	$	1,740	$	1,736	$	1,339	$	1,341