Marketable Securities and Cash Equivalents

12 Months Ended

Jun. 30, 2011

Marketable Securities and Cash Equivalents

Marketable Securities and Cash Equivalents

Note 5. Marketable Securities and Cash Equivalents

			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In millions)
2011
United States government obligations
Maturity less than 1 year	$	753	$	—	$	—	$	753
Maturity 1 to 5 years	72		1		—		73
Government—sponsored enterprise obligations
Maturity less than 1 year	20		—		—		20
Maturity 1 to 5 years	54		—		—		54
Maturity 5 to 10 years	5		—		—		5
Maturity greater than 10 years	218		8		—		226
Corporate debt securities
Maturity less than 1 year	1		—		—		1
Maturity 1 to 5 years	35		1		—		36
Other debt securities
Maturity less than 1 year	215		—		—		215
Maturity 1 to 5 years	3		—		—		3
Maturity 5 to 10 years	7		—		—		7
Equity securities
Available-for-sale	159		83		(4)		238
Trading	24		—		—		24
	$	1,566	$	93	$	(4)	$	1,655

			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In millions)
2010
United States government obligations
Maturity less than 1 year	$	395	$	—	$	—		$	395
Maturity 1 to 5 years	33		1		—			34
Government—sponsored enterprise obligations
Maturity 1 to 5 years	111		3		—			114
Maturity 5 to 10 years	122		4		—			126
Maturity greater than 10 years	232		9		—			241
Corporate debt securities
Maturity less than 1 year	10		—		—			10
Maturity 1 to 5 years	46		2		—			48
Other debt securities
Maturity less than 1 year	659		—		—			659
Maturity 1 to 5 years	2		—		—			2
Maturity 5 to 10 years	6		—		—			6
Equity securities
Available-for-sale	54		48		(15		)	87
Trading	20		—		—			20
	$	1,690	$	67	$	(15	)	$	1,742

All of the $4 million in unrealized losses at June 30, 2011 arose within the last 12 months.  The market value of the investments that have been in an unrealized loss position for less than 12 months is $9 million.  The $4 million in unrealized losses associated with available-for-sale equity securities is related to the Company’s investment in one security.  The Company evaluated the near-term prospects of the issuer in relation to the severity and duration of the impairment.  Based on that evaluation and the Company’s ability and intent to hold this investment for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider this investment to be other-than-temporarily impaired at June 30, 2011.