INVESTMENTS

6 Months Ended

Dec. 31, 2024

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 and Other Investments
December 31, 2024
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	3,515	$	0	$	0		$	3,515	$	3,515	$	0	$	0
Certificates of deposit	Level 2		3,349		0		0			3,349		3,302		47		0
U.S. government securities	Level 1		46,013		1		(2,233	)		43,781		18		43,763		0
U.S. agency securities	Level 2		11		0		0			11		0		11		0
Foreign government bonds	Level 2		311		7		(17	)		301		0		301		0
Mortgage- and asset-backed securities	Level 2		987		5		(33	)		959		0		959		0
Corporate notes and bonds	Level 2		8,693		38		(198	)		8,533		0		8,533		0
Corporate notes and bonds	Level 3		2,376		27		(3	)		2,400		0		123		2,277
Municipal securities	Level 2		254		1		(11	)		244		0		244		0
Municipal securities	Level 3		104		0		(16	)		88		0		88		0
Total debt investments		$	65,613	$	79	$	(2,511	)	$	63,181	$	6,835	$	54,069	$	2,277
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	4,425	$	1,000	$	0	$	3,425
Equity investments	Other									9,879		0		0		9,879
Total equity investments									$	14,304	$	1,000	$	0	$	13,304
Cash									$	9,647	$	9,647	$	0	$	0
Derivatives, net (a)										4		0		4		0
Total									$	87,136	$	17,482	$	54,073	$	15,581

(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.

Equity investments presented as “Other” in the tables above include investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments, measured using the equity method, or measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. As of December 31, 2024 and June 30, 2024, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $2.9 billion and $3.9 billion, respectively, and equity investments measured using the equity method were $6.8 billion and $6.0 billion, respectively.

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
December 31, 2024
U.S. government and agency securities	$	871	$	(61	)	$	42,775	$	(2,172	)	$	43,646	$	(2,233	)
Foreign government bonds		99		(4	)		127		(13	)		226		(17	)
Mortgage- and asset-backed securities		277		(6	)		244		(27	)		521		(33	)
Corporate notes and bonds		1,781		(17	)		4,339		(184	)		6,120		(201	)
Municipal securities		0		0			237		(27	)		237		(27	)
Total	$	3,028	$	(88	)	$	47,722	$	(2,423	)	$	50,750	$	(2,511	)

	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	)

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

The following table outlines maturities of our debt investments as of December 31, 2024:

(In millions)	Adjusted Cost Basis		Estimated Fair Value
December 31, 2024
Due in one year or less	$	22,927	$	22,788
Due after one year through five years		33,344		31,774
Due after five years through 10 years		7,934		7,325
Due after 10 years		1,408		1,294
Total	$	65,613	$	63,181