Financial Instruments

12 Months Ended

Mar. 31, 2017

(3) FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of March 31, 2017 and 2016, our cash and cash equivalents were $2,565 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 March 31, 2017 and 2016 (in millions):



	As of March 31, 2017									As of March 31, 2016
	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	$	944	$	—	$	(1	)	$	943	$	620	$	1	$	—	$	621
U.S. Treasury securities	414		—		(1		)	413		389		1		—		390
U.S. agency securities	152		—		(1		)	151		167		—		—		167
Commercial paper	212		—		—			212		50		—		—		50
Foreign government securities	113		—		—			113		113		—		—		113
Asset-backed securities	135		—		—			135		—		—		—		—
Short-term investments	$	1,970	$	—	$	(3	)	$	1,967	$	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 March 31, 2017 and 2016 (in millions):



	As of March 31, 2017				As of March 31, 2016
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	1,237	$	1,236	$	571	$	571
Due 1 year through 5 years	721		719		768		770
Due after 5 years	12		12		—		—
Short-term investments	$	1,970	$	1,967	$	1,339	$	1,341