The following table presents the fair values of derivative instruments designated as hedging instruments (“designated hedge derivatives”) and not designated as hedging instruments (“non-designated hedge derivatives”). The fair values exclude the impact of netting derivative assets and liabilities when a legally enforceable master netting agreement exists and fair value adjustments related to our own credit risk and counterparty credit risk:


	December 31, 2015												June 30, 2015

	Assets									Liabilities			Assets									Liabilities

(In millions)	Short-term Investments			Other Current Assets			Equity and Other Investments			Other Current Liabilities			Short-term Investments			Other Current Assets			Equity and Other Investments			Other Current Liabilities


Non-designated Hedge Derivatives

Foreign exchange contracts	$	19		$	109		$	0		$	(141	)	$	17		$	167		$	0		$	(79	)
Equity contracts		135			0			0			(21	)		148			0			0			(18	)
Interest rate contracts		5			0			0			(15	)		7			0			0			(12	)
Credit contracts		9			0			0			(7	)		16			0			0			(9	)
Commodity contracts		1			0			0			(1	)		0			0			0			0

Total	$	169		$	109		$	0		$	(185	)	$	188		$	167		$	0		$	(118	)


Designated Hedge Derivatives

Foreign exchange contracts	$	17		$	632		$	0		$	(57	)	$	56		$	552		$	0		$	(31	)
Equity contracts		0			0			10			(29	)		0			0			25			(69	)

Total	$	17		$	632		$	10		$	(86	)	$	56		$	552		$	25		$	(100	)

Total gross amounts of derivatives	$	186		$	741		$	10		$	(271	)	$	244		$	719		$	25		$	(218	)

Gross derivatives either offset or subject to an enforceable master netting agreement	$	74		$	741		$	10		$	(269	)	$	126		$	719		$	25		$	(218	)
Gross amounts of derivatives offset in the balance sheet		(108	)		(113	)		(10	)		231			(66	)		(71	)		(25	)		161

Net amounts presented in the balance sheet		(34	)		628			0			(38	)		60			648			0			(57	)
Gross amounts of derivatives not offset in the balance sheet		0			0			0			0			0			0			0			0
Cash collateral received		0			0			0			(330	)		0			0			0			(456	)

Net amount	$	(34	)	$	628		$	0		$	(368	)	$	60		$	648		$	0		$	(513	)

Gains (Losses) on Derivative Instruments

We recognized in other income (expense), net the following gains (losses) on contracts designated as fair-value hedges and their related hedged items:


(In millions)	Three Months Ended December 31,						Six Months Ended December 31,


	2015			2014			2015			2014

Foreign Exchange Contracts

Derivatives	$	48		$	381		$	(33	)	$	622
Hedged items		(41	)		(382	)		50			(624	)

Total amount of ineffectiveness	$	7		$	(1	)	$	17		$	(2	)


Equity Contracts

Derivatives	$	(59	)	$	18		$	(92	)	$	(63	)
Hedged items		59			(18	)		92			63

Total amount of ineffectiveness	$	0		$	0		$	0		$	0


Amount of equity contracts excluded from effectiveness assessment	$	(15	)	$	(9	)	$	4		$	(13	)

Gains (Losses) on Derivative Instruments

We recognized the following gains (losses) on foreign exchange contracts designated as cash-flow hedges:


(In millions)	Three Months Ended December 31,						Six Months Ended December 31,

	2015			2014			2015			2014

Effective Portion

Gains recognized in OCI (net of tax effects of $15, $8, $43, and $12)	$	122		$	357		$	283		$	692
Gains reclassified from AOCI into revenue		181			112			290			128

Amount Excluded from Effectiveness Assessment and Ineffective Portion

Losses recognized in other income (expense), net		(72	)		(74	)		(154	)		(142	)

Gains (Losses) on Derivative Instruments

Gains (losses) from changes in fair values of derivatives that are not designated as hedges are primarily recognized in other income (expense), net. These amounts are shown in the table below, with the exception of gains (losses) on derivatives presented in income statement line items other than other income (expense), net, which were immaterial for the periods presented. Other than those derivatives entered into for investment purposes, such as commodity contracts, the gains (losses) below are generally economically offset by unrealized gains (losses) in the underlying available-for-sale securities and gains (losses) from foreign exchange rate changes on certain balance sheet amounts.


(In millions)	Three Months Ended December 31,						Six Months Ended December 31,


	2015			2014			2015			2014

Foreign exchange contracts	$	(134	)	$	28		$	(75	)	$	(205	)
Equity contracts		(30	)		(24	)		4			(14	)
Interest-rate contracts		9			24			8			18
Credit contracts		2			1			(3	)		(4	)
Commodity contracts		(52	)		(106)			(136	)		(217	)

Total	$	(205	)	$	(77	)	$	(202	)	$	(422	)