Fair Value Measurements

3 Months Ended

Jun. 30, 2017

Assets measured and recorded at fair value on a recurring basis

Our cash equivalents consist primarily of money market funds with original maturities of three months or less at the time of purchase, and the carrying amount is a reasonable estimate of fair value. Our short-term investments consist of investment securities with original maturities greater than three months and marketable equity securities, and are included in our other current assets in the Condensed Consolidated Balance Sheets.

The following table summarizes our assets measured at fair value on a recurring basis, by level, within the fair value hierarchy:



	June 30, 2017						March 31, 2017
(In millions)	Fair Value		Cash and Cash Equivalents		Short-Term Investments		Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash	$	480	$	480	$	—	$	1,183	$	1,183	$	—
Non-negotiable certificates of deposit	39		39		—		15		15		—
Level 1 (Quoted prices in active markets for identical assets):
Money market	1,298		1,298		—		2,532		2,532		—
U.S. government securities	102		102		—		94		94		—
Marketable equity securities	8		—		8		9		—		9
Total level 1	1,408		1,400		8		2,635		2,626		9
Level 2 (Significant other observable inputs):
U.S. agency securities	64		64		—		75		75		—
Commercial paper	323		323		—		348		348		—
Total level 2	387		387		—		423		423		—
Total	$	2,314	$	2,306	$	8	$	4,256	$	4,247	$	9

There were no transfers between fair value measurement levels during the three months ended June 30, 2017.

Fair value of debt

As of June 30, 2017 and March 31, 2017, the total fair value of our debt was $6.4 billion and $8.3 billion, respectively, based on Level 2 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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