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INVESTMENTS (Tables) | 3 Months Ended
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Sep. 30, 2020
Investments Debt And Equity Securities [Abstract] |
Investment Components | The components of investments were as follows:
(In millions) |  | Fair Value Level |  |  |  | Adjusted Cost Basis |  |  |  | Unrealized Gains |  |  |  | Unrealized Losses |  |  |  | Recorded Basis |  |  |  | Cash and Cash Equivalents |  |  |  | Short-term Investments |  |  |  | Equity Investments |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  |  | $ | 5,128 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,128 |  |  | $ | 2,869 |  |  | $ | 2,259 |  |  | $ | 0 |
Certificates of deposit |  | Level 2 |  |  |  | 2,674 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,674 |  |  |  | 1,781 |  |  |  | 893 |  |  |  | 0 |
U.S. government securities |  | Level 1 |  |  |  | 93,143 |  |  |  | 6,230 |  |  |  | 0 |  |  |  | 99,373 |  |  |  | 4,556 |  |  |  | 94,817 |  |  |  | 0 |
U.S. agency securities |  | Level 2 |  |  |  | 3,339 |  |  |  | 3 |  |  |  | 0 |  |  |  | 3,342 |  |  |  | 1,550 |  |  |  | 1,792 |  |  |  | 0 |
Foreign government bonds |  | Level 2 |  |  |  | 7,054 |  |  |  | 7 |  |  |  | (3 | ) |  |  | 7,058 |  |  |  | 0 |  |  |  | 7,058 |  |  |  | 0 |
Mortgage- and asset-backed securities |  | Level 2 |  |  |  | 4,764 |  |  |  | 42 |  |  |  | (4 | ) |  |  | 4,802 |  |  |  | 0 |  |  |  | 4,802 |  |  |  | 0 |
Corporate notes and bonds |  | Level 2 |  |  |  | 8,287 |  |  |  | 332 |  |  |  | (5 | ) |  |  | 8,614 |  |  |  | 0 |  |  |  | 8,614 |  |  |  | 0 |
Corporate notes and bonds |  | Level 3 |  |  |  | 52 |  |  |  | 0 |  |  |  | 0 |  |  |  | 52 |  |  |  | 0 |  |  |  | 52 |  |  |  | 0 |
Municipal securities |  | Level 2 |  |  |  | 312 |  |  |  | 60 |  |  |  | (3 | ) |  |  | 369 |  |  |  | 0 |  |  |  | 369 |  |  |  | 0 |
Municipal securities |  | Level 3 |  |  |  | 95 |  |  |  | 0 |  |  |  | (7 | ) |  |  | 88 |  |  |  | 0 |  |  |  | 88 |  |  |  | 0 |
Total debt investments |  |  |  |  | $ | 124,848 |  |  | $ | 6,674 |  |  | $ | (22 | ) |  | $ | 131,500 |  |  | $ | 10,756 |  |  | $ | 120,744 |  |  | $ | 0 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,170 |  |  | $ | 724 |  |  | $ | 0 |  |  | $ | 446 |
Equity investments |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,657 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,657 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,827 |  |  | $ | 724 |  |  | $ | 0 |  |  | $ | 3,103 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,725 |  |  | $ | 5,725 |  |  | $ | 0 |  |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28 |  |  |  | 0 |  |  |  | 28 |  |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 141,080 |  |  | $ | 17,205 |  |  | $ | 120,772 |  |  | $ | 3,103 |
(In millions) |  | Fair Value Level |  |  |  | Adjusted Cost Basis |  |  |  | Unrealized Gains |  |  |  | Unrealized Losses |  |  |  | Recorded Basis |  |  |  | Cash and Cash Equivalents |  |  |  | Short-term Investments |  |  |  | Equity Investments |
June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Level 2 |  |  | $ | 4,687 |  |  | $ | 1 |  |  | $ | 0 |  |  | $ | 4,688 |  |  | $ | 1,618 |  |  | $ | 3,070 |  |  | $ | 0 |
Certificates of deposit |  | Level 2 |  |  |  | 2,898 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,898 |  |  |  | 1,646 |  |  |  | 1,252 |  |  |  | 0 |
U.S. government securities |  | Level 1 |  |  |  | 92,067 |  |  |  | 6,495 |  |  |  | (1 | ) |  |  | 98,561 |  |  |  | 3,168 |  |  |  | 95,393 |  |  |  | 0 |
U.S. agency securities |  | Level 2 |  |  |  | 2,439 |  |  |  | 2 |  |  |  | 0 |  |  |  | 2,441 |  |  |  | 449 |  |  |  | 1,992 |  |  |  | 0 |
Foreign government bonds |  | Level 2 |  |  |  | 6,982 |  |  |  | 6 |  |  |  | (3 | ) |  |  | 6,985 |  |  |  | 1 |  |  |  | 6,984 |  |  |  | 0 |
Mortgage- and asset-backed securities |  | Level 2 |  |  |  | 4,865 |  |  |  | 41 |  |  |  | (6 | ) |  |  | 4,900 |  |  |  | 0 |  |  |  | 4,900 |  |  |  | 0 |
Corporate notes and bonds |  | Level 2 |  |  |  | 8,500 |  |  |  | 327 |  |  |  | (17 | ) |  |  | 8,810 |  |  |  | 0 |  |  |  | 8,810 |  |  |  | 0 |
Corporate notes and bonds |  | Level 3 |  |  |  | 58 |  |  |  | 0 |  |  |  | 0 |  |  |  | 58 |  |  |  | 0 |  |  |  | 58 |  |  |  | 0 |
Municipal securities |  | Level 2 |  |  |  | 313 |  |  |  | 57 |  |  |  | (4 | ) |  |  | 366 |  |  |  | 0 |  |  |  | 366 |  |  |  | 0 |
Municipal securities |  | Level 3 |  |  |  | 91 |  |  |  | 0 |  |  |  | 0 |  |  |  | 91 |  |  |  | 0 |  |  |  | 91 |  |  |  | 0 |
Total debt investments |  |  |  |  | $ | 122,900 |  |  | $ | 6,929 |  |  | $ | (31 | ) |  | $ | 129,798 |  |  | $ | 6,882 |  |  | $ | 122,916 |  |  | $ | 0 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,198 |  |  | $ | 784 |  |  | $ | 0 |  |  | $ | 414 |
Equity investments |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,551 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,551 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,749 |  |  | $ | 784 |  |  | $ | 0 |  |  | $ | 2,965 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,910 |  |  | $ | 5,910 |  |  | $ | 0 |  |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35 |  |  |  | 0 |  |  |  | 35 |  |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 139,492 |  |  | $ | 13,576 |  |  | $ | 122,951 |  |  | $ | 2,965 |
(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 |  |  |  |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 1,847 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,847 |  |  | $ | 0 |
Foreign government bonds |  |  | 977 |  |  |  | (3 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 977 |  |  |  | (3 | )
Mortgage- and asset-backed securities |  |  | 832 |  |  |  | (4 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 832 |  |  |  | (4 | )
Corporate notes and bonds |  |  | 421 |  |  |  | (5 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 421 |  |  |  | (5 | )
Municipal securities |  |  | 119 |  |  |  | (10 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 119 |  |  |  | (10 | )
Total |  | $ | 4,196 |  |  | $ | (22 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,196 |  |  | $ | (22 | )
|  | 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, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 2,323 |  |  | $ | (1 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,323 |  |  | $ | (1 | )
Foreign government bonds |  |  | 500 |  |  |  | (3 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 500 |  |  |  | (3 | )
Mortgage- and asset-backed securities |  |  | 1,014 |  |  |  | (6 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 1,014 |  |  |  | (6 | )
Corporate notes and bonds |  |  | 649 |  |  |  | (17 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 649 |  |  |  | (17 | )
Municipal securities |  |  | 66 |  |  |  | (4 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 66 |  |  |  | (4 | )
Total |  | $ | 4,552 |  |  | $ | (31 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,552 |  |  | $ | (31 | )
Debt Investment Maturities | Debt Investment Maturities
(In millions) |  | Adjusted Cost Basis |  |  | Estimated Fair Value |
September 30, 2020 |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 35,327 |  |  | $ | 35,397 |
Due after one year through five years |  |  | 55,735 |  |  |  | 59,048 |
Due after five years through 10 years |  |  | 30,786 |  |  |  | 33,870 |
Due after 10 years |  |  | 3,000 |  |  |  | 3,185 |
Total |  | $ | 124,848 |  |  | $ | 131,500 |

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