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INVESTMENTS | 3 Months Ended
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Sep. 30, 2020
Investments Debt And Equity Securities [Abstract] |
INVESTMENTS | NOTE 4 — INVESTMENTS 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.
Equity investments presented as “Other” in the tables above include investments without readily determinable fair values measured using the equity method or measured at cost with adjustments for observable changes in price or impairments, and investments measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. As of both September 30, 2020 and June 30, 2020, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $1.4 billion. 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 | )
Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence. 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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