Financial Instruments

6 Months Ended

Sep. 30, 2023

FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of September 30, 2023 and March 31, 2023, our cash and cash equivalents were $1,946 million and $2,424 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 September 30, 2023 and March 31, 2023 (in millions):


	As of September 30, 2023								As of March 31, 2023
	Cost or Amortized Cost		Gross Unrealized				Fair Value		Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Corporate bonds	$	95	$	—	$	(1)	$	94	$	114	$	—	$	(1)	$	113
U.S. Treasury securities	105		—		—		105		80		—		—		80
U.S. agency securities	19		—		—		19		25		—		—		25
Commercial paper	75		—		—		75		63		—		—		63
Foreign government securities	7		—		—		7		11		—		—		11
Asset-backed securities	41		—		—		41		37		—		—		37
Certificates of deposit	18		—		—		18		14		—		—		14
Short-term investments	$	360	$	—	$	(1)	$	359	$	344	$	—	$	(1)	$	343

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of September 30, 2023 and March 31, 2023 (in millions):


	As of September 30, 2023				As of March 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	283	$	282	$	267	$	266
Due 1 year through 5 years	73		73		72		72
Due after 5 years	4		4		5		5
Short-term investments	$	360	$	359	$	344	$	343