Financial Instruments

3 Months Ended

Jun. 30, 2020

(3) FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of June 30, 2020 and March 31, 2020, our cash and cash equivalents were $4,013 million and $3,768 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, 2020 and March 31, 2020 (in millions):


	As of June 30, 2020														As of March 31, 2020
	Cost or Amortized Cost		Gross Unrealized						Fair Value		Cost or Amortized Cost		Gross Unrealized					Fair Value
					Gains		Losses										Gains		Losses
Corporate bonds	$	534	$	3	$	—	$	537	$	684	$	1	$	(4)	$	681
U.S. Treasury securities	717		3		—		720		530		4		—		534
U.S. agency securities	8		—		—		8		8		—		—		8
Commercial paper	334		—		—		334		377		—		—		377
Foreign government securities	33		—		—		33		42		—		—		42
Asset-backed securities	250		2		—		252		273		—		(4)		269
Certificates of deposit	63		—		—		63		56		—		—		56
Short-term investments	$	1,939	$	8	$	—	$	1,947	$	1,970	$	5	$	(8)	$	1,967

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of June 30, 2020 and March 31, 2020 (in millions):


	As of June 30, 2020						As of March 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	1,591	$	1,595	$	1,568	$	1,567
Due 1 year through 5 years	342		346		395		393
Due after 5 years	6		6		7		7
Short-term investments	$	1,939	$	1,947	$	1,970	$	1,967