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, 2025			March 31, 2026
	Level	Amount (in millions)		Level	Amount (in millions)
Cash and cash equivalents:
Cash		$	1,370		$	1,315
Commercial paper	2	42		2	51
Money market funds	1	2,142		1	1,329
Term deposits	2	25		2	150


Total cash and cash equivalents		$	3,579		$	2,845

Short-term investments:
Certificates of deposit	2	$	223	2	$	257
Commercial paper	2	437		2	350
Corporate bonds	2	464		2	390
Term deposits	2	600		2	450
United States Treasury securities	1	735		1	522
Other items1	2	44		2	16
Total short-term investments2		$	2,503		$	1,985

Total cash and cash equivalents and short-term investments		$	6,082		$	4,830


1 Includes Yankee bonds.
2 As of December 31, 2025 and March 31, 2026, $257 million and $280 million is due between 12 and 24 months, respectively.