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v3.19.3.a.u2

INVESTMENTS (Tables) | 6 Months Ended
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Dec. 31, 2019
Investments Debt And Equity Securities [Abstract] |
Investment Components | The components of investments were as follows:
(In millions) |  | Fair Value Level |  |  |  | Cost Basis |  |  |  | Unrealized Gains |  |  |  | Unrealized Losses |  |  |  | Recorded Basis |  |  |  | Cash and Cash Equivalents |  |  |  | Short-term Investments |  |  |  | Equity Investments |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  |  | $ | 3,966 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,966 |  |  | $ | 1,742 |  |  | $ | 2,224 |  |  | $ | 0 |
Certificates of deposit |  | Level 2 |  |  |  | 2,591 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,591 |  |  |  | 1,548 |  |  |  | 1,043 |  |  |  | 0 |
U.S. government securities |  | Level 1 |  |  |  | 102,567 |  |  |  | 1,995 |  |  |  | (105 | ) |  |  | 104,457 |  |  |  | 0 |  |  |  | 104,457 |  |  |  | 0 |
U.S. agency securities |  | Level 2 |  |  |  | 399 |  |  |  | 0 |  |  |  | 0 |  |  |  | 399 |  |  |  | 0 |  |  |  | 399 |  |  |  | 0 |
Foreign government bonds |  | Level 2 |  |  |  | 6,605 |  |  |  | 5 |  |  |  | (10 | ) |  |  | 6,600 |  |  |  | 680 |  |  |  | 5,920 |  |  |  | 0 |
Mortgage- and asset-backed securities |  | Level 2 |  |  |  | 3,862 |  |  |  | 12 |  |  |  | (2 | ) |  |  | 3,872 |  |  |  | 0 |  |  |  | 3,872 |  |  |  | 0 |
Corporate notes and bonds |  | Level 2 |  |  |  | 6,900 |  |  |  | 130 |  |  |  | (7 | ) |  |  | 7,023 |  |  |  | 0 |  |  |  | 7,023 |  |  |  | 0 |
Corporate notes and bonds |  | Level 3 |  |  |  | 13 |  |  |  | 0 |  |  |  | 0 |  |  |  | 13 |  |  |  | 0 |  |  |  | 13 |  |  |  | 0 |
Municipal securities |  | Level 2 |  |  |  | 289 |  |  |  | 49 |  |  |  | 0 |  |  |  | 338 |  |  |  | 0 |  |  |  | 338 |  |  |  | 0 |
Municipal securities |  | Level 3 |  |  |  | 78 |  |  |  | 0 |  |  |  | 0 |  |  |  | 78 |  |  |  | 0 |  |  |  | 78 |  |  |  | 0 |
Total debt investments |  |  |  |  | $ | 127,270 |  |  | $ | 2,191 |  |  | $ | (124 | ) |  | $ | 129,337 |  |  | $ | 3,970 |  |  | $ | 125,367 |  |  | $ | 0 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,074 |  |  | $ | 618 |  |  | $ | 0 |  |  | $ | 456 |
Equity investments |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,299 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,299 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,373 |  |  | $ | 618 |  |  | $ | 0 |  |  | $ | 2,755 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,276 |  |  | $ | 4,276 |  |  | $ | 0 |  |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22 |  |  |  | 0 |  |  |  | 22 |  |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 137,008 |  |  | $ | 8,864 |  |  | $ | 125,389 |  |  | $ | 2,755 |
(In millions) |  | Fair Value Level |  |  |  | Cost Basis |  |  |  | Unrealized Gains |  |  |  | Unrealized Losses |  |  |  | Recorded Basis |  |  |  | Cash and Cash Equivalents |  |  |  | Short-term Investments |  |  |  | Equity Investments |
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  |  | $ | 2,211 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,211 |  |  | $ | 1,773 |  |  | $ | 438 |  |  | $ | 0 |
Certificates of deposit |  | Level 2 |  |  |  | 2,018 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,018 |  |  |  | 1,430 |  |  |  | 588 |  |  |  | 0 |
U.S. government securities |  | Level 1 |  |  |  | 104,925 |  |  |  | 1,854 |  |  |  | (104 | ) |  |  | 106,675 |  |  |  | 769 |  |  |  | 105,906 |  |  |  | 0 |
U.S. agency securities |  | Level 2 |  |  |  | 988 |  |  |  | 0 |  |  |  | 0 |  |  |  | 988 |  |  |  | 698 |  |  |  | 290 |  |  |  | 0 |
Foreign government bonds |  | Level 2 |  |  |  | 6,350 |  |  |  | 4 |  |  |  | (8 | ) |  |  | 6,346 |  |  |  | 2,506 |  |  |  | 3,840 |  |  |  | 0 |
Mortgage- and asset-backed securities |  | Level 2 |  |  |  | 3,554 |  |  |  | 10 |  |  |  | (3 | ) |  |  | 3,561 |  |  |  | 0 |  |  |  | 3,561 |  |  |  | 0 |
Corporate notes and bonds |  | Level 2 |  |  |  | 7,437 |  |  |  | 111 |  |  |  | (7 | ) |  |  | 7,541 |  |  |  | 0 |  |  |  | 7,541 |  |  |  | 0 |
Corporate notes and bonds |  | Level 3 |  |  |  | 15 |  |  |  | 0 |  |  |  | 0 |  |  |  | 15 |  |  |  | 0 |  |  |  | 15 |  |  |  | 0 |
Municipal securities |  | Level 2 |  |  |  | 242 |  |  |  | 48 |  |  |  | 0 |  |  |  | 290 |  |  |  | 0 |  |  |  | 290 |  |  |  | 0 |
Municipal securities |  | Level 3 |  |  |  | 7 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7 |  |  |  | 0 |  |  |  | 7 |  |  |  | 0 |
Total debt investments |  |  |  |  | $ | 127,747 |  |  | $ | 2,027 |  |  | $ | (122 | ) |  | $ | 129,652 |  |  | $ | 7,176 |  |  | $ | 122,476 |  |  | $ | 0 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 973 |  |  | $ | 409 |  |  | $ | 0 |  |  | $ | 564 |
Equity investments |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,085 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,085 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,058 |  |  | $ | 409 |  |  | $ | 0 |  |  | $ | 2,649 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,771 |  |  | $ | 3,771 |  |  | $ | 0 |  |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13 | ) |  |  | 0 |  |  |  | (13 | ) |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 136,468 |  |  | $ | 11,356 |  |  | $ | 122,463 |  |  | $ | 2,649 |
(a) | Refer to Note 5 – Derivatives for further information on the fair value of our derivative instruments.
Unrealized Losses on Debt Investments | Debt investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  |  |  |  |  |  | Total Unrealized Losses |
(In millions) |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Total Fair Value |  |  |  |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 7,650 |  |  | $ | (97 | ) |  | $ | 9,121 |  |  | $ | (8 | ) |  | $ | 16,771 |  |  | $ | (105 | )
Foreign government bonds |  |  | 2,545 |  |  |  | (3 | ) |  |  | 11 |  |  |  | (7 | ) |  |  | 2,556 |  |  |  | (10 | )
Mortgage- and asset-backed securities |  |  | 684 |  |  |  | (1 | ) |  |  | 408 |  |  |  | (1 | ) |  |  | 1,092 |  |  |  | (2 | )
Corporate notes and bonds |  |  | 220 |  |  |  | (3 | ) |  |  | 137 |  |  |  | (4 | ) |  |  | 357 |  |  |  | (7 | )
Municipal securities |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |
Total |  | $ | 11,099 |  |  | $ | (104 | ) |  | $ | 9,678 |  |  | $ | (20 | ) |  | $ | 20,777 |  |  | $ | (124 | )
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  |  |  |  |  |  | Total Unrealized Losses |
(In millions) |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Total Fair Value |  |  |  |
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 1,491 |  |  | $ | (1 | ) |  | $ | 39,158 |  |  | $ | (103 | ) |  | $ | 40,649 |  |  | $ | (104 | )
Foreign government bonds |  |  | 25 |  |  |  | 0 |  |  |  | 77 |  |  |  | (8 | ) |  |  | 102 |  |  |  | (8 | )
Mortgage- and asset-backed securities |  |  | 664 |  |  |  | (1 | ) |  |  | 378 |  |  |  | (2 | ) |  |  | 1,042 |  |  |  | (3 | )
Corporate notes and bonds |  |  | 498 |  |  |  | (3 | ) |  |  | 376 |  |  |  | (4 | ) |  |  | 874 |  |  |  | (7 | )
Total |  | $ | 2,678 |  |  | $ | (5 | ) |  | $ | 39,989 |  |  | $ | (117 | ) |  | $ | 42,667 |  |  | $ | (122 | )
Debt Investment Maturities | Debt Investment Maturities
(In millions) |  | Cost Basis |  |  | Estimated Fair Value |
December 31, 2019 |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 40,357 |  |  | $ | 40,381 |
Due after one year through five years |  |  | 48,195 |  |  |  | 49,166 |
Due after five years through 10 years |  |  | 37,123 |  |  |  | 38,138 |
Due after 10 years |  |  | 1,595 |  |  |  | 1,652 |
Total |  | $ | 127,270 |  |  | $ | 129,337 |

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