INVESTMENTS

3 Months Ended

Sep. 30, 2018

Investments Debt And Equity Securities [Abstract]

INVESTMENTS

NOTE 4 — INVESTMENTS

Investment Components

The components of investments were as follows:

(In millions)	Fair Value Level	Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis		Cash and Cash Equivalents		Short-term Investments		Equity Investments
September 30, 2018
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	2,883	$	0	$	0		$	2,883	$	2,784	$	99	$	0
Certificates of deposit	Level 2		2,537		0		0			2,537		2,081		456		0
U.S. government securities	Level 1		111,281		9		(1,442	)		109,848		4,419		105,429		0
U.S. agency securities	Level 2		639		0		0			639		349		290		0
Foreign government bonds	Level 2		4,981		1		(12	)		4,970		1,384		3,586		0
Mortgage- and asset-backed securities	Level 2		3,358		4		(14	)		3,348		0		3,348		0
Corporate notes and bonds	Level 2		7,143		22		(53	)		7,112		0		7,112		0
Corporate notes and bonds	Level 3		15		0		0			15		0		15		0
Municipal securities	Level 2		268		32		(1	)		299		0		299		0
Total debt investments		$	133,105	$	68	$	(1,522	)	$	131,651	$	11,017	$	120,634	$	0
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	562	$	239	$	0	$	323
Equity investments	Other									1,711		0		0		1,711
Total equity investments									$	2,273	$	239	$	0	$	2,034
Cash									$	3,881	$	3,881	$	0	$	0
Derivatives, net (a)										109		0		109		0
Total									$	137,914	$	15,137	$	120,743	$	2,034

(a) Refer to Note 5 – Derivatives for further information on the fair value of our derivative instruments.

(In millions)	Fair Value Level	Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis		Cash and Cash Equivalents		Short-term Investments		Equity Investments
June 30, 2018
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	2,513	$	0	$	0		$	2,513	$	2,215	$	298	$	0
Certificates of deposit	Level 2		2,058		0		0			2,058		1,865		193		0
U.S. government securities	Level 1		108,120		62		(1,167	)		107,015		2,280		104,735		0
U.S. agency securities	Level 2		1,742		0		0			1,742		1,398		344		0
Foreign government bonds	Level 1		22		0		0			22		0		22		0
Foreign government bonds	Level 2		5,063		1		(10	)		5,054		0		5,054		0
Mortgage- and asset-backed securities	Level 2		3,864		4		(13	)		3,855		0		3,855		0
Corporate notes and bonds	Level 2		6,929		21		(56	)		6,894		0		6,894		0
Corporate notes and bonds	Level 3		15		0		0			15		0		15		0
Municipal securities	Level 2		271		37		(1	)		307		0		307		0
Total debt investments		$	130,597	$	125	$	(1,247	)	$	129,475	$	7,758	$	121,717	$	0
Equity investments	Level 1								$	533	$	246	$	0	$	287
Equity investments	Level 3									18		0		0		18
Equity investments	Other									1,558		0		1		1,557
Total equity investments									$	2,109	$	246	$	1	$	1,862
Cash									$	3,942	$	3,942	$	0	$	0
Derivatives, net (a)										104		0		104		0
Total									$	135,630	$	11,946	$	121,822	$	1,862

(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 using the equity method or measured at cost with adjustments for observable changes in price or impairments, and investments measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. As of September 30, 2018 and June 30, 2018, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $820 million and $697 million, respectively.

As of September 30, 2018, we had no collateral received under agreements for loaned securities. As of June 30, 2018, collateral received under agreements for loaned securities was $1.8 billion and primarily comprised U.S. government and agency securities.

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, 2018
U.S. government and agency securities	$	65,155	$	(960	)	$	27,736	$	(482	)	$	92,891	$	(1,442	)
Foreign government bonds		3,160		(8	)		26		(4	)		3,186		(12	)
Mortgage- and asset-backed securities		1,130		(8	)		145		(6	)		1,275		(14	)
Corporate notes and bonds		2,892		(37	)		338		(16	)		3,230		(53	)
Municipal securities		42		(1	)		0		0			42		(1	)
Total	$	72,379	$	(1,014	)	$	28,245	$	(508	)	$	100,624	$	(1,522	)

	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, 2018
U.S. government and agency securities	$	82,352	$	(1,064	)	$	4,459	$	(103	)	$	86,811	$	(1,167	)
Foreign government bonds		3,457		(7	)		13		(3	)		3,470		(10	)
Mortgage- and asset-backed securities		2,072		(9	)		96		(4	)		2,168		(13	)
Corporate notes and bonds		3,111		(43	)		301		(13	)		3,412		(56	)
Municipal securities		45		(1	)		0		0			45		(1	)
Total	$	91,037	$	(1,124	)	$	4,869	$	(123	)	$	95,906	$	(1,247	)

Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. 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, 2018
Due in one year or less	$	36,769	$	36,577
Due after one year through five years		69,379		68,747
Due after five years through 10 years		26,053		25,444
Due after 10 years		904		883
Total	$	133,105	$	131,651