NOTE 4 — INVESTMENTS

Investment Components

The components of investments, including associated derivatives, but excluding held-to-maturity investments, were as follows:


(In millions)	Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis		Cash and Cash Equivalents		Short-term Investments			Equity and Other Investments


June 30, 2016

Cash	$	3,501	$	0	$	0		$	3,501	$	3,501	$	0		$	0
Mutual funds		1,012		0		0			1,012		1,012		0			0
Commercial paper		298		0		0			298		298		0			0
Certificates of deposit		1,000		0		0			1,000		868		132			0
U.S. government and agency securities		89,970		245		(11	)		90,204		100		90,104			0
Foreign government bonds		5,502		10		(18	)		5,494		731		4,763			0
Mortgage- and asset-backed securities		4,789		21		(2	)		4,808		0		4,808			0
Corporate notes and bonds		6,509		110		(35	)		6,584		0		6,584			0
Municipal securities		285		57		0			342		0		342			0
Common and preferred stock		5,597		4,452		(236	)		9,813		0		0			9,813
Other investments		590		0		0			590		0		(3	)		593

Total	$	119,053	$	4,895	$	(302	)	$	123,646	$	6,510	$	106,730		$	10,406


(In millions)	Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis		Cash and Cash Equivalents		Short-term Investments		Equity and Other Investments


June 30, 2015

Cash	$	3,679	$	0	$	0		$	3,679	$	3,679	$	0	$	0
Mutual funds		1,100		0		0			1,100		1,100		0		0
Commercial paper		1		0		0			1		1		0		0
Certificates of deposit		906		0		0			906		776		130		0
U.S. government and agency securities		72,843		76		(30	)		72,889		39		72,850		0
Foreign government bonds		5,477		3		(24	)		5,456		0		5,456		0
Mortgage- and asset-backed securities		4,899		23		(6	)		4,916		0		4,916		0
Corporate notes and bonds		7,192		97		(37	)		7,252		0		7,252		0
Municipal securities		285		35		(1	)		319		0		319		0
Common and preferred stock		6,668		4,986		(215	)		11,439		0		0		11,439
Other investments		597		0		0			597		0		8		589

Total	$	103,647	$	5,220	$	(313	)	$	108,554	$	5,595	$	90,931	$	12,028

As of June 30, 2016 and 2015, the recorded bases of common and preferred stock that are restricted for more than one year or are not publicly traded were $767 million and $561 million, respectively. These investments are carried at cost and are reviewed quarterly for indicators of other-than-temporary impairment. It is not practicable for us to reliably estimate the fair value of these investments.

As of June 30, 2016 and 2015, the collateral received under agreements for loaned securities totaled $294 million and $92 million, which is primarily comprised of U.S. government and agency securities.

Unrealized Losses on Investments

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, 2016

U.S. government and agency securities	$	5,816	$	(3	)	$	432	$	(8	)	$	6,248	$	(11	)
Foreign government bonds		3,452		(3	)		35		(15	)		3,487		(18	)
Mortgage- and asset-backed securities		844		(1	)		322		(1	)		1,166		(2	)
Corporate notes and bonds		1,180		(11	)		788		(24	)		1,968		(35	)
Common and preferred stock		896		(147	)		390		(89	)		1,286		(236	)

Total	$	12,188	$	(165	)	$	1,967	$	(137	)	$	14,155	$	(302	)


	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, 2015

U.S. government and agency securities	$	6,636	$	(9	)	$	421	$	(21	)	$	7,057	$	(30	)
Foreign government bonds		4,611		(12	)		18		(12	)		4,629		(24	)
Mortgage- and asset-backed securities		3,171		(5	)		28		(1	)		3,199		(6	)
Corporate notes and bonds		2,946		(29	)		104		(8	)		3,050		(37	)
Municipal securities		36		(1	)		0		0			36		(1	)
Common and preferred stock		1,389		(180	)		148		(35	)		1,537		(215	)

Total	$	18,789	$	(236	)	$	719	$	(77	)	$	19,508	$	(313	)

Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Unrealized losses from domestic and international equities are due to market price movements. Management does not believe any remaining unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence.

Debt Investment Maturities


(In millions)	Cost Basis		Estimated Fair Value


June 30, 2016

Due in one year or less	$	54,503	$	54,544
Due after one year through five years		50,683		50,896
Due after five years through 10 years		1,914		1,954
Due after 10 years		1,253		1,336

Total	$	108,353	$	108,730