Financial Instruments

12 Months Ended

Mar. 31, 2020

(4) FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of March 31, 2020 and 2019, our cash and cash equivalents were $3,768 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 March 31, 2020 and 2019 (in millions):


	As of March 31, 2020														As of March 31, 2019
	Cost or Amortized Cost		Gross Unrealized						Fair Value		Cost or Amortized Cost		Gross Unrealized					Fair Value
					Gains		Losses										Gains		Losses
Corporate bonds	$	684	$	1	$	(4)	$	681	$	325	$	—	$	(1)	$	324
U.S. Treasury securities	530		4		—		534		153		—		—		153
U.S. agency securities	8		—		—		8		44		—		—		44
Commercial paper	377		—		—		377		112		—		—		112
Foreign government securities	42		—		—		42		50		—		—		50
Asset-backed securities	273		—		(4)		269		53		—		—		53
Certificates of deposit	56		—		—		56		1		—		—		1
Short-term investments	$	1,970	$	5	$	(8)	$	1,967	$	738	$	—	$	(1)	$	737

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of March 31, 2020 and 2019 (in millions):


	As of March 31, 2020						As of March 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	1,568	$	1,567	$	449	$	448
Due 1 year through 5 years	395		393		287		287
Due after 5 years	7		7		2		2
Short-term investments	$	1,970	$	1,967	$	738	$	737