Financial Instruments

9 Months Ended

Dec. 31, 2020

(3) FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of December 31, 2020 and March 31, 2020, our cash and cash equivalents were $4,772 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 December 31, 2020 and March 31, 2020 (in millions):


	As of December 31, 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	$	647	$	1	$	—	$	648	$	684	$	1	$	(4)	$	681
U.S. Treasury securities	559		1		—		560		530		4		—		534
U.S. agency securities	4		—		—		4		8		—		—		8
Commercial paper	369		—		—		369		377		—		—		377
Foreign government securities	72		—		—		72		42		—		—		42
Asset-backed securities	208		1		—		209		273		—		(4)		269
Certificates of deposit	76		—		—		76		56		—		—		56
Short-term investments	$	1,935	$	3	$	—	$	1,938	$	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 December 31, 2020 and March 31, 2020 (in millions):


	As of December 31, 2020				As of March 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	1,579	$	1,580	$	1,568	$	1,567
Due 1 year through 5 years	348		350		395		393
Due after 5 years	8		8		7		7
Short-term investments	$	1,935	$	1,938	$	1,970	$	1,967