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	May 31, 2018								August 31, 2017
	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	$	3,452	$	—	$	—	$	3,452	$	2,237	$	—	$	—	$	2,237
Level 1⁽²⁾
Money market funds	3,061		—		—		3,061		2,332		—		—		2,332
Level 2⁽³⁾
Corporate bonds	2		151		269		422		—		193		315		508
Certificates of deposit	259		10		2		271		483		24		3		510
Government securities	—		62		99		161		1		90		126		217
Asset-backed securities	—		14		117		131		—		2		173		175
Commercial paper	34		26		—		60		56		10		—		66
	6,808		$	263	$	487	$	7,558	5,109		$	319	$	617	$	6,045
Restricted cash⁽⁴⁾	119								107
Cash, cash equivalents, and restricted cash	$	6,927							$	5,216


⁽¹⁾	The maturities of long-term marketable securities 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 analyses to validate information obtained from these pricing services. No adjustments were made to the fair values indicated by such pricing information as of May 31, 2018 or August 31, 2017.


⁽⁴⁾	Restricted cash is included in other noncurrent assets and primarily represents balances related to the MMJ Creditor Payments and interest reserve balances related to the 2021 MSTW Term Loan.

Gross realized gains and losses from sales of available-for-sale securities were not material for any period presented. As of May 31, 2018, there were no available-for-sale securities that had been in a loss position for longer than 12 months.