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INVESTMENTS (Tables) | 12 Months Ended
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Jun. 30, 2024
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 and Other Investments |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | Level 2 |  |  | $ | 4,666 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,666 |  |  | $ | 4,666 |  |  | $ | 0 |  |  | $ | 0 |
Certificates of deposit |  |  | Level 2 |  |  |  | 1,547 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,547 |  |  |  | 1,503 |  |  |  | 44 |  |  |  | 0 |
U.S. government securities |  |  | Level 1 |  |  |  | 49,603 |  |  |  | 4 |  |  |  | (2,948 | ) |  |  | 46,659 |  |  |  | 14 |  |  |  | 46,645 |  |  |  | 0 |
U.S. agency securities |  |  | Level 2 |  |  |  | 17 |  |  |  | 0 |  |  |  | 0 |  |  |  | 17 |  |  |  | 0 |  |  |  | 17 |  |  |  | 0 |
Foreign government bonds |  |  | Level 2 |  |  |  | 319 |  |  |  | 3 |  |  |  | (16 | ) |  |  | 306 |  |  |  | 0 |  |  |  | 306 |  |  |  | 0 |
Mortgage- and asset-backed securities |  |  | Level 2 |  |  |  | 944 |  |  |  | 3 |  |  |  | (35 | ) |  |  | 912 |  |  |  | 0 |  |  |  | 912 |  |  |  | 0 |
Corporate notes and bonds |  |  | Level 2 |  |  |  | 9,106 |  |  |  | 28 |  |  |  | (318 | ) |  |  | 8,816 |  |  |  | 0 |  |  |  | 8,816 |  |  |  | 0 |
Corporate notes and bonds |  |  | Level 3 |  |  |  | 1,641 |  |  |  | 0 |  |  |  | (1 | ) |  |  | 1,640 |  |  |  | 0 |  |  |  | 140 |  |  |  | 1,500 |
Municipal securities |  |  | Level 2 |  |  |  | 262 |  |  |  | 0 |  |  |  | (13 | ) |  |  | 249 |  |  |  | 0 |  |  |  | 249 |  |  |  | 0 |
Municipal securities |  |  | Level 3 |  |  |  | 104 |  |  |  | 0 |  |  |  | (17 | ) |  |  | 87 |  |  |  | 0 |  |  |  | 87 |  |  |  | 0 |
Total debt investments |  |  |  |  |  | $ | 68,209 |  |  | $ | 38 |  |  | $ | (3,348 | ) |  | $ | 64,899 |  |  | $ | 6,183 |  |  | $ | 57,216 |  |  | $ | 1,500 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,547 |  |  | $ | 561 |  |  | $ | 0 |  |  | $ | 2,986 |
Equity investments |  |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,114 |  |  |  | 0 |  |  |  | 0 |  |  |  | 10,114 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,661 |  |  | $ | 561 |  |  | $ | 0 |  |  | $ | 13,100 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,571 |  |  | $ | 11,571 |  |  | $ | 0 |  |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 |  |  |  | 0 |  |  |  | 12 |  |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 90,143 |  |  | $ | 18,315 |  |  | $ | 57,228 |  |  | $ | 14,600 |
(In millions) |  | Fair Value Level |  |  | Adjusted Cost Basis |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Recorded Basis |  |  | Cash and Cash Equivalents |  | Short-term Investments |  |  | Equity and Other Investments |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value Recorded in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | Level 2 |  |  | $ | 16,589 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 16,589 |  |  | $ | 12,231 |  |  | $ | 4,358 |  |  | $ | 0 |
Certificates of deposit |  |  | Level 2 |  |  |  | 2,701 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,701 |  |  |  | 2,657 |  |  |  | 44 |  |  |  | 0 |
U.S. government securities |  |  | Level 1 |  |  |  | 65,237 |  |  |  | 2 |  |  |  | (3,870 | ) |  |  | 61,369 |  |  |  | 2,991 |  |  |  | 58,378 |  |  |  | 0 |
U.S. agency securities |  |  | Level 2 |  |  |  | 2,703 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,703 |  |  |  | 894 |  |  |  | 1,809 |  |  |  | 0 |
Foreign government bonds |  |  | Level 2 |  |  |  | 498 |  |  |  | 1 |  |  |  | (24 | ) |  |  | 475 |  |  |  | 0 |  |  |  | 475 |  |  |  | 0 |
Mortgage- and asset-backed securities |  |  | Level 2 |  |  |  | 824 |  |  |  | 1 |  |  |  | (39 | ) |  |  | 786 |  |  |  | 0 |  |  |  | 786 |  |  |  | 0 |
Corporate notes and bonds |  |  | Level 2 |  |  |  | 10,809 |  |  |  | 8 |  |  |  | (583 | ) |  |  | 10,234 |  |  |  | 0 |  |  |  | 10,234 |  |  |  | 0 |
Corporate notes and bonds |  |  | Level 3 |  |  |  | 120 |  |  |  | 0 |  |  |  | 0 |  |  |  | 120 |  |  |  | 0 |  |  |  | 120 |  |  |  | 0 |
Municipal securities |  |  | Level 2 |  |  |  | 285 |  |  |  | 1 |  |  |  | (18 | ) |  |  | 268 |  |  |  | 7 |  |  |  | 261 |  |  |  | 0 |
Municipal securities |  |  | Level 3 |  |  |  | 103 |  |  |  | 0 |  |  |  | (16 | ) |  |  | 87 |  |  |  | 0 |  |  |  | 87 |  |  |  | 0 |
Total debt investments |  |  |  |  |  | $ | 99,869 |  |  | $ | 13 |  |  | $ | (4,550 | ) |  | $ | 95,332 |  |  | $ | 18,780 |  |  | $ | 76,552 |  |  | $ | 0 |
Changes in Fair Value Recorded in Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  |  | Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,138 |  |  | $ | 7,446 |  |  | $ | 0 |  |  | $ | 2,692 |
Equity investments |  |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,187 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,187 |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,325 |  |  | $ | 7,446 |  |  | $ | 0 |  |  | $ | 9,879 |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,478 |  |  | $ | 8,478 |  |  | $ | 0 |  |  | $ | 0 |
Derivatives, net (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  | 0 |  |  |  | 6 |  |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 121,141 |  |  | $ | 34,704 |  |  | $ | 76,558 |  |  | $ | 9,879 |
(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 |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 529 |  |  | $ | (12 | ) |  | $ | 45,821 |  |  | $ | (2,936 | ) |  | $ | 46,350 |  |  | $ | (2,948 | )
Foreign government bonds |  |  | 79 |  |  |  | (2 | ) |  |  | 180 |  |  |  | (14 | ) |  |  | 259 |  |  |  | (16 | )
Mortgage- and asset-backed securities |  |  | 201 |  |  |  | (1 | ) |  |  | 409 |  |  |  | (34 | ) |  |  | 610 |  |  |  | (35 | )
Corporate notes and bonds |  |  | 1,310 |  |  |  | (9 | ) |  |  | 5,779 |  |  |  | (310 | ) |  |  | 7,089 |  |  |  | (319 | )
Municipal securities |  |  | 38 |  |  |  | (1 | ) |  |  | 243 |  |  |  | (29 | ) |  |  | 281 |  |  |  | (30 | )
Total |  | $ | 2,157 |  |  | $ | (25 | ) |  | $ | 52,432 |  |  | $ | (3,323 | ) |  | $ | 54,589 |  |  | $ | (3,348 | )
|  | 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, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 7,950 |  |  | $ | (336 | ) |  | $ | 45,273 |  |  | $ | (3,534 | ) |  | $ | 53,223 |  |  | $ | (3,870 | )
Foreign government bonds |  |  | 77 |  |  |  | (5 | ) |  |  | 391 |  |  |  | (19 | ) |  |  | 468 |  |  |  | (24 | )
Mortgage- and asset-backed securities |  |  | 257 |  |  |  | (5 | ) |  |  | 412 |  |  |  | (34 | ) |  |  | 669 |  |  |  | (39 | )
Corporate notes and bonds |  |  | 2,326 |  |  |  | (49 | ) |  |  | 7,336 |  |  |  | (534 | ) |  |  | 9,662 |  |  |  | (583 | )
Municipal securities |  |  | 111 |  |  |  | (3 | ) |  |  | 186 |  |  |  | (31 | ) |  |  | 297 |  |  |  | (34 | )
Total |  | $ | 10,721 |  |  | $ | (398 | ) |  | $ | 53,598 |  |  | $ | (4,152 | ) |  | $ | 64,319 |  |  | $ | (4,550 | )
Debt Investment Maturities | Debt Investment Maturities The following table outlines maturities of our debt investments as of June 30, 2024:
(In millions) |  | Adjusted Cost Basis |  |  | Estimated Fair Value |
June 30, 2024 |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 19,815 |  |  | $ | 19,596 |
Due after one year through five years |  |  | 38,954 |  |  |  | 36,779 |
Due after five years through 10 years |  |  | 8,028 |  |  |  | 7,242 |
Due after 10 years |  |  | 1,412 |  |  |  | 1,282 |
Total |  | $ | 68,209 |  |  | $ | 64,899 |

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