INVESTMENTS (Tables)

3 Months Ended

Sep. 30, 2025

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, 2025
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	9,044	$	0	$	0		$	9,044	$	8,597	$	447	$	0
Certificates of deposit	Level 2		4,478		0		0			4,478		4,434		44		0
U.S. government securities	Level 1		54,749		119		(1,238	)		53,630		1,143		52,487		0
U.S. agency securities	Level 2		5,584		0		0			5,584		2,100		3,484		0
Foreign government bonds	Level 2		392		13		(6	)		399		0		399		0
Mortgage- and asset-backed securities	Level 2		3,587		20		(23	)		3,584		0		3,584		0
Corporate notes and bonds	Level 2		12,246		174		(70	)		12,350		0		12,350		0
Corporate notes and bonds	Level 3		2,055		568		0			2,623		0		113		2,510
Municipal securities	Level 2		162		1		(5	)		158		0		158		0
Municipal securities	Level 3		104		0		(14	)		90		0		90		0
Total debt investments		$	92,401	$	895	$	(1,356	)	$	91,940	$	16,274	$	73,156	$	2,510
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	4,111	$	1,209	$	0	$	2,902
Equity investments	Other									4,871		0		0		4,871
Total equity investments									$	8,982	$	1,209	$	0	$	7,773
Cash									$	11,366	$	11,366	$	0	$	0
Derivatives, net (a)										1,189		0		7		1,182
Total									$	113,477	$	28,849	$	73,163	$	11,465

(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, 2025
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	10,880	$	0	$	0		$	10,880	$	9,939	$	941	$	0
Certificates of deposit	Level 2		2,653		0		0			2,653		2,309		344		0
U.S. government securities	Level 1		52,878		71		(1,462	)		51,487		4,742		46,745		0
U.S. agency securities	Level 2		2,686		0		0			2,686		496		2,190		0
Foreign government bonds	Level 2		349		24		(9	)		364		0		364		0
Mortgage- and asset-backed securities	Level 2		2,558		10		(27	)		2,541		0		2,541		0
Corporate notes and bonds	Level 2		10,763		124		(101	)		10,786		0		10,786		0
Corporate notes and bonds	Level 3		2,511		65		(5	)		2,571		0		111		2,460
Municipal securities	Level 2		207		1		(7	)		201		0		201		0
Municipal securities	Level 3		104		0		(14	)		90		0		90		0
Total debt investments		$	85,589	$	295	$	(1,625	)	$	84,259	$	17,486	$	64,313	$	2,460
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	4,577	$	1,045	$	0	$	3,532
Equity investments	Other									9,141		0		0		9,141
Total equity investments									$	13,718	$	1,045	$	0	$	12,673
Cash									$	11,711	$	11,711	$	0	$	0
Derivatives, net (a)										282		0		10		272
Total									$	109,970	$	30,242	$	64,323	$	15,405

(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, 2025
U.S. government and agency securities	$	312	$	(52	)	$	32,625	$	(1,186	)	$	32,937	$	(1,238	)
Foreign government bonds		45		(2	)		105		(4	)		150		(6	)
Mortgage- and asset-backed securities		0		0			264		(23	)		264		(23	)
Corporate notes and bonds		285		(1	)		2,718		(69	)		3,003		(70	)
Municipal securities		0		0			167		(19	)		167		(19	)
Total	$	642	$	(55	)	$	35,879	$	(1,301	)	$	36,521	$	(1,356	)

	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, 2025
U.S. government and agency securities	$	2,569	$	(51	)	$	34,608	$	(1,411	)	$	37,177	$	(1,462	)
Foreign government bonds		43		(2	)		106		(7	)		149		(9	)
Mortgage- and asset-backed securities		841		(4	)		189		(23	)		1,030		(27	)
Corporate notes and bonds		1,107		(8	)		3,105		(98	)		4,212		(106	)
Municipal securities		0		0			168		(21	)		168		(21	)
Total	$	4,560	$	(65	)	$	38,176	$	(1,560	)	$	42,736	$	(1,625	)

Debt Investment Maturities

Debt Investment Maturities

The following table outlines maturities of our debt investments as of September 30, 2025:

(In millions)	Adjusted Cost Basis		Estimated Fair Value
September 30, 2025
Due in one year or less	$	37,304	$	37,200
Due after one year through five years		48,228		47,466
Due after five years through 10 years		5,397		5,877
Due after 10 years		1,472		1,397
Total	$	92,401	$	91,940