Financial Instruments

3 Months Ended

Jun. 30, 2024

FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of June 30, 2024 and March 31, 2024, our cash and cash equivalents were $2,400 million and $2,900 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, 2024 and March 31, 2024 (in millions):


	As of June 30, 2024								As of March 31, 2024
	Cost or Amortized Cost		Gross Unrealized				Fair Value		Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Corporate bonds	$	137	$	—	$	—	$	137	$	130	$	—	$	—	$	130
U.S. Treasury securities	92		—		—		92		95		—		—		95
U.S. agency securities	5		—		—		5		9		—		—		9
Commercial paper	72		—		—		72		66		—		—		66
Foreign government securities	5		—		—		5		8		—		—		8
Asset-backed securities	39		—		—		39		41		—		—		41
Certificates of deposit	16		—		—		16		13		—		—		13
Short-term investments	$	366	$	—	$	—	$	366	$	362	$	—	$	—	$	362

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of June 30, 2024 and March 31, 2024 (in millions):


	As of June 30, 2024				As of March 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	250	$	250	$	231	$	231
Due 1 year through 5 years	111		111		126		126
Due after 5 years	5		5		5		5
Short-term investments	$	366	$	366	$	362	$	362