Cash and Investments

Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows:



As of	2017								2016
	Cash and Equivalents		Short-term Investments		Long-term Marketable Investments⁽¹⁾		Total Fair Value		Cash and Equivalents		Short-term Investments		Long-term Marketable Investments⁽¹⁾		Total Fair Value
Cash	$	2,237	$	—	$	—	$	2,237	$	2,258	$	—	$	—	$	2,258
Level 1⁽²⁾
Money market funds	2,332		—		—		2,332		1,507		—		—		1,507
Level 2⁽³⁾
Certificates of deposit	483		24		3		510		373		33		—		406
Corporate bonds	—		193		315		508		—		142		235		377
Government securities	1		90		126		217		2		62		82		146
Asset-backed securities	—		2		173		175		—		12		97		109
Commercial paper	56		10		—		66		—		9		—		9
	5,109		$	319	$	617	$	6,045	4,140		$	258	$	414	$	4,812
Restricted cash⁽⁴⁾	107								123
Cash, cash equivalents, and restricted cash	$	5,216							$	4,263


⁽¹⁾	The maturities of long-term marketable securities range from one to four years.


⁽²⁾	The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets.

⁽³⁾

The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analysis to validate information obtained from these pricing services. No adjustments were made to such pricing information as of August 31, 2017 or September 1, 2016.

⁽⁴⁾

Restricted cash is included in other noncurrent assets and generally represents balances related to the MMJ Creditor Payments and interest reserve balances related to the 2021 MSTW Term Loan. The restrictions on the MMJ Creditor Payments lapse upon approval by the trustees and/or Japan Court. The restrictions on the interest reserve balances lapse in proportion to the reduction in the amount of interest expected to be paid under the 2021 MSTW Term Loan for the subsequent six months. (See "Debt" note.)

Proceeds from sales of available-for-sale securities for 2017, 2016, and 2015 were $776 million, $2.31 billion, and $1.49 billion, respectively. Gross realized gains and losses from sales of available-for-sale securities were not material for any period presented. As of August 31, 2017, there were no available-for-sale securities that had been in a loss position for longer than 12 months.