Cash and cash equivalents represent highly liquid investments with maturities of three months or less from the date of acquisition and may include money market instruments, commercial paper, certificates of deposit, U.S. government and agency obligations, or similar instruments.

Restricted cash and cash equivalents include customer collections on securitized receivables to be distributed to investors as payments on the related secured notes and loans payable, which are primarily related to securitization trusts. Restricted cash equivalents may also contain amounts unrelated to financing activities which are restricted as to use and proceeds from certain debt issuances for which the use of the cash is restricted.

Investments in marketable securities consist of debt securities and equity investments.

Debt securities are designated as available-for-sale (“AFS”) and are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (“AOCI”), net of applicable taxes. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. We conduct periodic reviews of AFS debt securities to determine whether the loss is deemed to be other-than-temporary.

If an other-than-temporary impairment (“OTTI”) loss is deemed to exist, we first determine whether we have the intent to sell the debt security or if it is more likely than not that we will be required to sell the debt security before recovery of its amortized cost basis. If so, the cost basis of the security is written down to fair value and the loss is reflected in Investment and other income, net in our Consolidated Statements of Income. If we do not have the intent to sell nor is it more likely than not that we will be required to sell, the credit loss component of the OTTI losses is recognized in Investment and other income, net in our Consolidated Statements of Income, while the remainder of the loss is recognized in AOCI. The credit loss component is identified as the portion of the amortized cost of the security not expected to be collected over the remaining term as projected using a cash flow analysis for debt securities.

Prior to April 1, 2018, our equity investments were also considered AFS. However, beginning on April 1, 2018, all equity investments are recorded at fair value with changes in fair value included in Investment and other income, net within our Consolidated Statements of Income. Realized gains and losses from sales of equity investments are determined using the first in first out method and are included in Investment and other income, net within our Consolidated Statements of Income.

Note 2 – Cash and Cash Equivalents and Investments in Marketable Securities (Continued)

	March 31, 2019
	Amortized		Unrealized		Unrealized			Fair
	cost		gains		losses			value
Available-for-sale debt securities:
U.S. government and agency obligations	$	213	$	2	$	(3	)	$	212
Municipal debt securities		9		2	-				11
Certificates of deposit		50	-		-				50
Commercial paper		70	-		-				70
Corporate debt securities		160		3		(1	)		162
Mortgage-backed securities:
U.S. government agency		35	-		-				35
Non-agency residential		1	-		-				1
Non-agency commercial		39	-		-				39
Asset-backed securities		52		1	-				53
Total available-for-sale debt securities	$	629	$	8	$	(4	)	$	633
Equity investments								$	2,275
Total investments in marketable securities								$	2,908

	March 31, 2018
	Amortized		Unrealized		Unrealized			Fair
	cost		gains		losses			value
Available-for-sale securities:
Debt securities:
U.S. government and agency obligations	$	2,821	$	-	$	(23	)	$	2,798
Municipal debt securities		10		1		-			11
Certificates of deposit		475		-		(1	)		474
Commercial paper		52		-		-			52
Corporate debt securities		203		1		(3	)		201
Mortgage-backed securities:
U.S. government agency		38		1		-			39
Non-agency residential		1		1		-			2
Non-agency commercial		30		-		(1	)		29
Asset-backed securities		39		-		-			39
Equity investments		2,196		11		(23	)		2,184
Total investments in marketable securities	$	5,865	$	15	$	(51	)	$	5,829

A portion of our equity investments are investments in funds that are privately placed and managed by an open-end investment management company (the “Trust”). If we elect to redeem shares, the Trust will normally redeem all shares for cash, but may, in unusual circumstances, redeem amounts exceeding the lesser of $250 thousand or 1 percent of the Trust’s asset value by payment in kind of securities held by the respective fund during any 90-day period.

We also invest in actively traded open-end mutual funds. Redemptions are subject to normal terms and conditions as described in each fund’s prospectus.

Note 2 – Cash and Cash Equivalents and Investments in Marketable Securities (Continued)

Available-for-sale debt securities in a continuous loss position for less than twelve months and for greater than twelve months were not significant as of March 31, 2019. Available-for-sale debt securities and equity investments in a continuous loss position for less than twelve months and for greater than twelve months were not significant as of March 31, 2018.

The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income:


	Years Ended March 31,
	2019			2018		2017
Available-for-sale securities:
Realized (losses) gains	$	(12	)	$	41	$	226

Equity investments:
Unrealized gains recognized	$	14

The amortized cost, fair value and contractual maturities of available-for-sale debt securities are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

	March 31, 2019
	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due within 1 year	$	177	$	177
Due after 1 year through 5 years		102		102
Due after 5 years through 10 years		146		147
Due after 10 years		77		79
Mortgage-backed and asset-backed securities¹		127		128
Total	$	629	$	633

¹ Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.