Cash and Investments

6 Months Ended

Feb. 29, 2024

All of our short-term investments and long-term marketable investments were classified as available-for-sale as of the dates noted below. Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows:


	As of February 29, 2024								As of August 31, 2023
	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	$	5,588	$	—	$	—	$	5,588	$	5,771	$	—	$	—	$	5,771
Level 1(2)
Money market funds	1,204		—		—		1,204		1,629		—		—		1,629
Level 2(3)
Certificates of deposit	1,220		11		—		1,231		1,172		25		—		1,197
Corporate bonds	—		606		286		892		—		737		437		1,174
Asset-backed securities	—		17		330		347		—		15		387		402
Commercial paper	3		183		—		186		—		109		—		109
Government securities	1		173		11		185		5		131		20		156
	8,016		$	990	$	627	$	9,633	8,577		$	1,017	$	844	$	10,438
Restricted cash(4)	85								79
Cash, cash equivalents, and restricted cash	$	8,101							$	8,656

(1)The maturities of long-term marketable investments primarily range from one to five years, except for asset-backed securities which are not due at a single maturity date.

(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 the fair values indicated by such pricing information as of February 29, 2024 or August 31, 2023.

(4)Restricted cash is included in other current assets and other noncurrent assets and primarily relates to certain government incentives received prior to being earned and for which restrictions lapse upon achieving certain performance conditions or which will be returned if performance conditions are not met.

Gross realized gains and losses from sales of available-for-sale securities were not significant for any period presented.

Non-marketable Equity Investments

In addition to the amounts included in the table above, we had $189 million and $218 million of non-marketable equity investments without a readily determinable fair value that were included in other noncurrent assets as of February 29, 2024 and August 31, 2023, respectively. We recognized a loss in other non-operating income (expense) on our non-marketable investments of $31 million for the first quarter of 2024. The amounts recognized for the other periods presented were not significant. Our non-marketable equity investments are recorded at fair value on a non-recurring basis and classified as Level 3.