Financial Instruments

3 Months Ended

Jun. 30, 2019

FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of June 30, 2019 and March 31, 2019, our cash and cash equivalents were $3,533 million and $4,708 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 June 30, 2019 and March 31, 2019 (in millions):



	As of June 30, 2019								As of March 31, 2019
	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	$	635	$	2	$	—	$	637	$	325	$	—	$	(1	)	$	324
U.S. Treasury securities	489		—		—		489		153		—		—			153
U.S. agency securities	31		—		—		31		44		—		—			44
Commercial paper	189		—		—		189		112		—		—			112
Foreign government securities	48		—		—		48		50		—		—			50
Asset-backed securities	242		—		—		242		53		—		—			53
Certificates of deposit	18		—		—		18		1		—		—			1
Short-term investments	$	1,652	$	2	$	—	$	1,654	$	738	$	—	$	(1	)	$	737

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of June 30, 2019 and March 31, 2019 (in millions):



	As of June 30, 2019				As of March 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	1,273	$	1,273	$	449	$	448
Due 1 year through 5 years	367		369		287		287
Due after 5 years	12		12		2		2
Short-term investments	$	1,652	$	1,654	$	738	$	737