INVESTMENTS

3 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

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, 2022

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper	Level 2	$	6,286	$	2	$	0		$	6,288	$	5,662	$	626	$	0
Certificates of deposit	Level 2		2,570		0		0			2,570		2,531		39		0
U.S. government securities	Level 1		76,079		7		(4,232	)		71,854		1,955		69,899		0
U.S. agency securities	Level 2		5,815		5		(9	)		5,811		4,352		1,459		0
Foreign government bonds	Level 2		493		0		(36	)		457		0		457		0
Mortgage- and asset-backed securities	Level 2		845		0		(45	)		800		0		800		0
Corporate notes and bonds	Level 2		11,373		1		(825	)		10,549		0		10,549		0
Corporate notes and bonds	Level 3		76		0		0			76		0		76		0
Municipal securities	Level 2		372		8		(22	)		358		0		358		0
Municipal securities	Level 3		104		0		(7	)		97		0		97		0


Total debt investments		$	104,013	$	23	$	(5,176	)	$	98,860	$	14,500	$	84,360	$	0


Changes in Fair Value Recorded in Net Income

Equity investments	Level 1								$	1,616	$	1,147	$	0	$	469
Equity investments	Other									6,370		0		0		6,370


Total equity investments									$	7,986	$	1,147	$	0	$	6,839


Cash									$	7,237	$	7,237	$	0	$	0
Derivatives, net^(a)										18		0		18		0


Total									$	114,101	$	22,884	$	84,378	$	6,839

(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, 2022

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper	Level 2	$	2,500	$	0	$	0		$	2,500	$	2,498	$	2	$	0
Certificates of deposit	Level 2		2,071		0		0			2,071		2,032		39		0
U.S. government securities	Level 1		79,696		29		(2,178	)		77,547		9		77,538		0
U.S. agency securities	Level 2		419		0		(9	)		410		0		410		0
Foreign government bonds	Level 2		506		0		(24	)		482		0		482		0
Mortgage- and asset-backed securities	Level 2		727		1		(30	)		698		0		698		0
Corporate notes and bonds	Level 2		11,661		4		(554	)		11,111		0		11,111		0
Corporate notes and bonds	Level 3		67		0		0			67		0		67		0
Municipal securities	Level 2		368		19		(13	)		374		0		374		0
Municipal securities	Level 3		103		0		(6	)		97		0		97		0


Total debt investments		$	98,118	$	53	$	(2,814	)	$	95,357	$	4,539	$	90,818	$	0


Changes in Fair Value Recorded in Net Income

Equity investments	Level 1								$	1,590	$	1,134	$	0	$	456
Equity investments	Other									6,435		0		0		6,435


Total equity investments									$	8,025	$	1,134	$	0	$	6,891


Cash									$	8,258	$	8,258	$	0	$	0
Derivatives, net^(a)										8		0		8		0


Total									$	111,648	$	13,931	$	90,826	$	6,891

(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, 2022 and June 30, 2022, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $3.8 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, 2022

U.S. government and agency securities	$	61,761	$	(3,411	)	$	4,233	$	(830	)	$	65,994	$	(4,241	)
Foreign government bonds		392		(22	)		64		(14	)		456		(36	)
Mortgage- and asset-backed securities		434		(27	)		130		(18	)		564		(45	)
Corporate notes and bonds		8,258		(554	)		2,178		(271	)		10,436		(825	)
Municipal securities		190		(22	)		74		(7	)		264		(29	)


Total	$	71,035	$	(4,036	)	$	6,679	$	(1,140	)	$	77,714	$	(5,176	)

	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, 2022

U.S. government and agency securities	$	59,092	$	(1,835	)	$	2,210	$	(352	)	$	61,302	$	(2,187	)
Foreign government bonds		418		(18	)		27		(6	)		445		(24	)
Mortgage- and asset-backed securities		510		(26	)		41		(4	)		551		(30	)
Corporate notes and bonds		9,443		(477	)		786		(77	)		10,229		(554	)
Municipal securities		178		(12	)		74		(7	)		252		(19	)


Total	$	69,641	$	(2,368	)	$	3,138	$	(446	)	$	72,779	$	(2,814	)

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, 2022

Due in one year or less	$	35,526	$	35,416
Due after one year through five years		50,062		47,328
Due after five years through 10 years		17,070		14,925
Due after 10 years		1,355		1,191


Total	$	104,013	$	98,860