INVESTMENTS

9 Months Ended

Mar. 31, 2019

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
March 31, 2019
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	1,623	$	0	$	0		$	1,623	$	1,424	$	199	$	0
Certificates of deposit	Level 2		1,738		0		0			1,738		1,517		221		0
U.S. government securities	Level 1		105,168		836		(342	)		105,662		0		105,662		0
U.S. agency securities	Level 2		290		0		0			290		0		290		0
Foreign government bonds	Level 2		6,753		2		(10	)		6,745		4,002		2,743		0
Mortgage- and asset-backed securities	Level 2		3,427		5		(8	)		3,424		0		3,424		0
Corporate notes and bonds	Level 2		7,426		60		(19	)		7,467		0		7,467		0
Corporate notes and bonds	Level 3		15		0		0			15		0		15		0
Municipal securities	Level 2		263		41		(1	)		303		0		303		0
Total debt investments		$	126,703	$	944	$	(380	)	$	127,267	$	6,943	$	120,324	$	0
Equity investments	Level 1								$	653	$	383	$	0	$	270
Equity investments	Other									2,133		0		0		2,133
Total equity investments									$	2,786	$	383	$	0	$	2,403
Cash									$	3,886	$	3,886	$	0	$	0
Derivatives, net (a)										82		0		82		0
Total									$	134,021	$	11,212	$	120,406	$	2,403

(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 March 31, 2019 and June 30, 2018, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $1.2 billion and $697 million, respectively.

As of March 31, 2019, 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
March 31, 2019
U.S. government and agency securities	$	6,485	$	(23	)	$	54,161	$	(319	)	$	60,646	$	(342	)
Foreign government bonds		4,229		(2	)		88		(8	)		4,317		(10	)
Mortgage- and asset-backed securities		989		(3	)		561		(5	)		1,550		(8	)
Corporate notes and bonds		1,024		(6	)		1,151		(13	)		2,175		(19	)
Municipal securities		7		0			13		(1	)		20		(1	)
Total	$	12,734	$	(34	)	$	55,974	$	(346	)	$	68,708	$	(380	)

	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
March 31, 2019
Due in one year or less	$	48,902	$	48,729
Due after one year through five years		51,977		52,189
Due after five years through 10 years		24,920		25,428
Due after 10 years		904		921
Total	$	126,703	$	127,267