Financial Instruments

3 Months Ended

Jun. 30, 2025

FINANCIAL INSTRUMENTS

Cash and Cash Equivalents

As of June 30, 2025 and March 31, 2025, our cash and cash equivalents were $1,518 million and $2,136 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, 2025 and March 31, 2025 (in millions):


	As of June 30, 2025								As of March 31, 2025
	Cost or Amortized Cost		Gross Unrealized				Fair Value		Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Corporate bonds	$	40	$	—	$	—	$	40	$	46	$	—	$	—	$	46
U.S. Treasury securities	21		—		—		21		12		—		—		12


Foreign government securities	4		—		—		4		4		—		—		4
Asset-backed securities	47		—		—		47		50		—		—		50

Short-term investments	$	112	$	—	$	—	$	112	$	112	$	—	$	—	$	112

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of June 30, 2025 and March 31, 2025 (in millions):


	As of June 30, 2025				As of March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	26	$	26	$	46	$	46
Due 1 year through 5 years	84		84		63		63
Due after 5 years	2		2		3		3
Short-term investments	$	112	$	112	$	112	$	112