It's not semantics to call it "not cash". If i own a million shares of apple stock, I don't own cash or a cash equivalent, i own a marketable security. They are valued quite differently.

The long term/short term is the maturity, and as you point out, some billions are probably treasuries, which are easy to trade (They don't break it down that I saw, Google does break it down into treasury bonds, etc).

However, some of it could be (and certainly is) instruments that they could transform into cash (hence marketable), but would take a significant loss on if they needed to do so quickly (< 90 days).

Calling that cash is simply false. Let's stick with the simple fact: If they needed to transform that 92 billion in long term marketable securities into cash tomorrow, the percent chance they will get 92 billion for it is quite low.

If they need to transform it into 92 billion in cash in the next 6 months, the percent chance they will get 92 billion for it is quite high.