Financial Instruments

9 Months Ended

Dec. 31, 2024

FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of December 31, 2024 and March 31, 2024, our cash and cash equivalents were $2,776 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 December 31, 2024 and March 31, 2024 (in millions):


	As of December 31, 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	$	135	$	—	$	—	$	135	$	130	$	—	$	—	$	130
U.S. Treasury securities	99		—		—		99		95		—		—		95
U.S. agency securities	3		—		—		3		9		—		—		9
Commercial paper	73		—		—		73		66		—		—		66
Foreign government securities	8		—		—		8		8		—		—		8
Asset-backed securities	46		—		—		46		41		—		—		41
Certificates of deposit	15		—		—		15		13		—		—		13
Short-term investments	$	379	$	—	$	—	$	379	$	362	$	—	$	—	$	362

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


	As of December 31, 2024				As of March 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	258	$	258	$	231	$	231
Due 1 year through 5 years	118		118		126		126
Due after 5 years	3		3		5		5
Short-term investments	$	379	$	379	$	362	$	362