Cash and Investments

Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows:



As of	June 1, 2017								September 1, 2016
	Cash and Equivalents		Short-term Investments		Long-term Marketable Investments⁽¹⁾		Total Fair Value		Cash and Equivalents		Short-term Investments		Long-term Marketable Investments⁽¹⁾		Total Fair Value
Cash	$	2,110	$	—	$	—	$	2,110	$	2,258	$	—	$	—	$	2,258
Level 1⁽²⁾
Money market funds	1,528		—		—		1,528		1,507		—		—		1,507
Level 2⁽³⁾
Corporate bonds	—		172		256		428		—		142		235		377
Certificates of deposit	380		9		8		397		373		33		—		406
Government securities	6		61		76		143		2		62		82		146
Asset-backed securities	—		4		131		135		—		12		97		109
Commercial paper	24		36		—		60		—		9		—		9
	$	4,048	$	282	$	471	$	4,801	$	4,140	$	258	$	414	$	4,812


⁽¹⁾	The maturities of long-term marketable investments range from one to four years.


⁽²⁾	The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets.

⁽³⁾

The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analysis to validate information obtained from these pricing services. No adjustments were made to such pricing information as of June 1, 2017.

Proceeds from sales of available-for-sale securities were $194 million and $742 million for the third quarter and first nine months of 2017, respectively, and $902 million and $1.89 billion for the third quarter and first nine months of 2016, respectively. Gross realized gains and losses from sales of available-for-sale securities were not material for any period presented. As of June 1, 2017, there were no available-for-sale securities that had been in a loss position for longer than 12 months.

Restricted cash, included in other noncurrent assets and excluded from the table above, was $98 million and $122 million as of June 1, 2017 and September 1, 2016, respectively.