As of June 30, 2026 and March 31, 2026, our cash and cash equivalents were $2,288 million and $2,864 million, respectively. Cash equivalents were valued using quoted market prices or other readily available market information.

Short-term investments consisted of the following as of June 30, 2026 and March 31, 2026 (in millions):


	As of June 30, 2026								As of March 31, 2026
	Cost or Amortized Cost		Gross Unrealized				Fair Value		Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Corporate bonds	$	58	$	—	$	—	$	58	$	52	$	—	$	—	$	52
U.S. Treasury securities	32		—		—		32		33		—		—		33
U.S. agency securities	2		—		—		2		2		—		—		2

Foreign government securities	3		—		—		3		5		—		—		5
Asset-backed securities	21		—		—		21		24		—		—		24

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

The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of June 30, 2026 and March 31, 2026 (in millions):


	As of June 30, 2026				As of March 31, 2026
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments
Due within 1 year	$	59	$	59	$	70	$	70
Due 1 year through 5 years	56		56		45		45
Due after 5 years	1		1		1		1
Short-term investments	$	116	$	116	$	116	$	116