The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy:


	December 31, 2024			March 31, 2025
	Level	Amount (in millions)		Level	Amount (in millions)
Cash and cash equivalents:
Cash		$	1,157		$	1,317
Money market funds	1	3,868		1	3,251
Commercial paper	2	184		2	56

United States Treasury securities	1	60		1	50
Other items1	2	25		2	19
Total cash and cash equivalents		$	5,294		$	4,693

Short-term investments:
United States Treasury securities	1	$	993	1	$	890
Term deposits	2	475		2	475
Commercial paper	2	378		2	441
Corporate bonds	2	374		2	424
Certificates of deposit	2	141		2	215
Other items2	2	45		2	40
Total short-term investments3		$	2,406		$	2,485

Total cash and cash equivalents and short-term investments		$	7,700		$	7,178

1 Includes certificates of deposit, corporate bonds, and Yankee bonds.
2 Includes Yankee bonds and agency discount notes.
3 As of December 31, 2024 and March 31, 2025, $289 million and $164 million is due between 12 and 18 months, respectively.