As of March 31, 2026 and 2025, our cash and cash equivalents were $2,864 million and $2,136 million, respectively. Cash equivalents were valued using quoted market prices or other readily available market information.


	As of March 31, 2026								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	$	52	$	—	$	—	$	52	$	46	$	—	$	—	$	46
U.S. Treasury securities	33		—		—		33		12		—		—		12
U.S. agency securities	2		—		—		2		—		—		—		—

Foreign government securities	5		—		—		5		4		—		—		4
Asset-backed securities	24		—		—		24		50		—		—		50

Short-term investments	$	116	$	—	$	—	$	116	$	112	$	—	$	—	$	112

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of March 31, 2026 and 2025 (in millions):


	As of March 31, 2026				As of March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	70	$	70	$	46	$	46
Due 1 year through 5 years	45		45		63		63
Due after 5 years	1		1		3		3
Short-term investments	$	116	$	116	$	112	$	112