INVESTMENTS (Tables)

3 Months Ended

Sep. 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
September 30, 2024
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	6,513	$	0	$	0		$	6,513		$	6,513	$	0		$	0
Certificates of deposit	Level 2		2,899		0		0			2,899			2,855		44			0
U.S. government securities	Level 1		48,764		16		(1,828	)		46,952			0		46,952			0
U.S. agency securities	Level 2		17		0		0			17			0		17			0
Foreign government bonds	Level 2		288		8		(9	)		287			0		287			0
Mortgage- and asset-backed securities	Level 2		937		10		(22	)		925			0		925			0
Corporate notes and bonds	Level 2		8,932		114		(166	)		8,880			0		8,880			0
Corporate notes and bonds	Level 3		1,639		0		(1	)		1,638			0		138			1,500
Municipal securities	Level 2		263		2		(8	)		257			0		257			0
Municipal securities	Level 3		104		0		(15	)		89			0		89			0
Total debt investments		$	70,356	$	150	$	(2,049	)	$	68,457		$	9,368	$	57,589		$	1,500
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	4,252		$	884	$	0		$	3,368
Equity investments	Other									10,910			0		0			10,910
Total equity investments									$	15,162		$	884	$	0		$	14,278
Cash									$	10,588		$	10,588	$	0		$	0
Derivatives, net (a)										(1	)		0		(1	)		0
Total									$	94,206		$	20,840	$	57,588		$	15,778

(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

(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, 2024
U.S. government and agency securities	$	146	$	(2	)	$	46,240	$	(1,826	)	$	46,386	$	(1,828	)
Foreign government bonds		12		(1	)		144		(8	)		156		(9	)
Mortgage- and asset-backed securities		0		0			287		(22	)		287		(22	)
Corporate notes and bonds		134		(1	)		4,963		(166	)		5,097		(167	)
Municipal securities		0		0			242		(23	)		242		(23	)
Total	$	292	$	(4	)	$	51,876	$	(2,045	)	$	52,168	$	(2,049	)

	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	)

Debt Investment Maturities

Debt Investment Maturities

The following table outlines maturities of our debt investments as of September 30, 2024:

(In millions)	Adjusted Cost Basis		Estimated Fair Value
September 30, 2024
Due in one year or less	$	24,446	$	24,331
Due after one year through five years		37,153		35,927
Due after five years through 10 years		7,338		6,865
Due after 10 years		1,419		1,334
Total	$	70,356	$	68,457