Fair Value Measurements (Tables)

As of March 31, 2026 and 2025, our assets and liabilities that were measured and recorded at fair value on a recurring basis were as follows (in millions):


			Fair Value Measurements at Reporting Date Using
	As of March 31, 2026		Quoted Prices in Active Markets for Identical Financial Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)		Balance Sheet Classification
Assets
Bank and time deposits	$	33	$	33	$	—	$	—	Cash equivalents
Money market funds	502		502		—		—		Cash equivalents
Available-for-sale securities:
Corporate bonds	52		—		52		—		Short-term investments
U.S. Treasury securities	33		33		—		—		Short-term investments

U.S. agency securities	2		—		2		—		Short-term investments
Foreign government securities	5		—		5		—		Short-term investments
Asset-backed securities	24		—		24		—		Short-term investments

Foreign currency derivatives	35		—		35		—		Other current assets and other assets
Deferred compensation plan assets (a)	46		46		—		—		Other assets
Total assets at fair value	$	732	$	614	$	118	$	—
Liabilities
Foreign currency derivatives	$	25	$	—	$	25	$	—	Accounts payable, accrued, and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)	46		46		—		—		Other liabilities
Total liabilities at fair value	$	71	$	46	$	25	$	—


			Fair Value Measurements at Reporting Date Using
	As of March 31, 2025		Quoted Prices in Active Markets for Identical Financial Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)		Balance Sheet Classification
Assets
Bank and time deposits	$	58	$	58	$	—	$	—	Cash equivalents
Money market funds	904		904		—		—		Cash equivalents
Available-for-sale securities:
Corporate bonds	46		—		46		—		Short-term investments
U.S. Treasury securities	12		12		—		—		Short-term investments


Foreign government securities	4		—		4		—		Short-term investments
Asset-backed securities	50		—		50		—		Short-term investments

Foreign currency derivatives	28		—		28		—		Other current assets and other assets
Deferred compensation plan assets (a)	36		36		—		—		Other assets
Total assets at fair value	$	1,138	$	1,010	$	128	$	—
Liabilities
Foreign currency derivatives	$	26	$	—	$	26	$	—	Accounts payable, accrued, and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)	36		36		—		—		Other liabilities
Total liabilities at fair value	$	62	$	36	$	26	$	—

(a)The Deferred Compensation Plan consists of various mutual funds. See Note 14 for additional information regarding our Deferred Compensation Plan.