NOTE 4 — INVESTMENTS

Investment Components

The components of investments, including associated derivatives, were as follows:

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


September 30, 2017

Cash	$	4,052	$	0	$	0		$	4,052	$	4,052	$	0	$	0
Mutual funds		1,040		0		0			1,040		1,040		0		0
Commercial paper		833		0		0			833		384		449		0
Certificates of deposit		1,430		0		0			1,430		1,252		178		0
U.S. government and agency securities		117,222		66		(344	)		116,944		155		116,789		0
Foreign government bonds		5,150		2		(12	)		5,140		1		5,139		0
Mortgage- and asset-backed securities		3,771		10		(4	)		3,777		0		3,777		0
Corporate notes and bonds		4,872		62		(9	)		4,925		0		4,925		0
Municipal securities		284		46		0			330		0		330		0
Common and preferred stock		2,220		2,604		(9	)		4,815		0		0		4,815
Other investments		528		0		0			528		0		0		528


Total	$	141,402	$	2,790	$	(378	)	$	143,814	$	6,884	$	131,587	$	5,343

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


June 30, 2017

Cash	$	3,624	$	0	$	0		$	3,624	$	3,624	$	0	$	0
Mutual funds		1,478		0		0			1,478		1,478		0		0
Commercial paper		319		0		0			319		69		250		0
Certificates of deposit		1,358		0		0			1,358		972		386		0
U.S. government and agency securities		112,119		85		(360	)		111,844		16		111,828		0
Foreign government bonds		5,276		2		(13	)		5,265		1,504		3,761		0
Mortgage- and asset-backed securities		3,921		14		(4	)		3,931		0		3,931		0
Corporate notes and bonds		4,786		61		(12	)		4,835		0		4,835		0
Municipal securities		284		43		0			327		0		327		0
Common and preferred stock		2,472		3,062		(34	)		5,500		0		0		5,500
Other investments		523		0		0			523		0		0		523


Total	$	136,160	$	3,267	$	(423	)	$	139,004	$	7,663	$	125,318	$	6,023

As of September 30, 2017 and June 30, 2017, the recorded bases of common and preferred stock that are restricted for more than one year or are not publicly traded were $1.0 billion and $1.1 billion, 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.

We lend certain fixed-income and equity securities to increase investment returns. These transactions are accounted for as secured borrowings and the loaned securities continue to be carried as investments on our consolidated balance sheets. Cash and/or security interests are received as collateral for the loaned securities with the amount determined based upon the underlying security lent and the creditworthiness of the borrower. Cash received is recorded as an asset with a corresponding liability. As of September 30, 2017 and June 30, 2017, collateral received under agreements for loaned securities was $4.9 billion and $3.7 billion, respectively, and was 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


September 30, 2017

U.S. government and agency securities	$	98,245	$	(290	)	$	4,957	$	(54	)	$	103,202	$	(344	)
Foreign government bonds		4,972		(1	)		24		(11	)		4,996		(12	)
Mortgage- and asset-backed securities		713		(2	)		236		(2	)		949		(4	)
Corporate notes and bonds		502		(4	)		283		(5	)		785		(9	)
Common and preferred stock		30		0			59		(9	)		89		(9	)


Total	$	104,462	$	(297	)	$	5,559	$	(81	)	$	110,021	$	(378	)

	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, 2017

U.S. government and agency securities	$	87,558	$	(348	)	$	371	$	(12	)	$	87,929	$	(360	)
Foreign government bonds		4,006		(2	)		23		(11	)		4,029		(13	)
Mortgage- and asset-backed securities		1,068		(3	)		198		(1	)		1,266		(4	)
Corporate notes and bonds		669		(8	)		177		(4	)		846		(12	)
Common and preferred stock		69		(6	)		148		(28	)		217		(34	)


Total	$	93,370	$	(367	)	$	917	$	(56	)	$	94,287	$	(423	)

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


September 30, 2017

Due in one year or less	$	22,611	$	22,558
Due after one year through five years		101,909		101,734
Due after five years through 10 years		8,121		8,145
Due after 10 years		921		942


Total	$	133,562	$	133,379