INVESTMENTS (Tables)

3 Months Ended

Sep. 30, 2019

Investments Debt And Equity Securities [Abstract]

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, 2019
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	4,613	$	0	$	0		$	4,613	$	4,339	$	274	$	0
Certificates of deposit	Level 2		1,920		0		0			1,920		1,134		786		0
U.S. government securities	Level 1		104,575		2,483		(57	)		107,001		617		106,384		0
U.S. agency securities	Level 2		749		0		0			749		200		549		0
Foreign government bonds	Level 2		6,196		4		(11	)		6,189		2,129		4,060		0
Mortgage- and asset-backed securities	Level 2		3,438		12		(2	)		3,448		0		3,448		0
Corporate notes and bonds	Level 2		7,550		128		(9	)		7,669		0		7,669		0
Corporate notes and bonds	Level 3		13		0		0			13		0		13		0
Municipal securities	Level 2		242		55		0			297		0		297		0
Municipal securities	Level 3		12		0		0			12		0		12		0
Total debt investments		$	129,308	$	2,682	$	(79	)	$	131,911	$	8,419	$	123,492	$	0
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	995	$	498	$	0	$	497
Equity investments	Other									2,187		0		0		2,187
Total equity investments									$	3,182	$	498	$	0	$	2,684
Cash									$	4,200	$	4,200	$	0	$	0
Derivatives, net (a)										27		0		27		0
Total									$	139,320	$	13,117	$	123,519	$	2,684

(In millions)	Fair Value Level		Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis			Cash and Cash Equivalents		Short-term Investments			Equity Investments
June 30, 2019
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	2,211	$	0	$	0		$	2,211		$	1,773	$	438		$	0
Certificates of deposit	Level 2		2,018		0		0			2,018			1,430		588			0
U.S. government securities	Level 1		104,925		1,854		(104	)		106,675			769		105,906			0
U.S. agency securities	Level 2		988		0		0			988			698		290			0
Foreign government bonds	Level 2		6,350		4		(8	)		6,346			2,506		3,840			0
Mortgage- and asset-backed securities	Level 2		3,554		10		(3	)		3,561			0		3,561			0
Corporate notes and bonds	Level 2		7,437		111		(7	)		7,541			0		7,541			0
Corporate notes and bonds	Level 3		15		0		0			15			0		15			0
Municipal securities	Level 2		242		48		0			290			0		290			0
Municipal securities	Level 3		7		0		0			7			0		7			0
Total debt investments		$	127,747	$	2,027	$	(122	)	$	129,652		$	7,176	$	122,476		$	0
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	973		$	409	$	0		$	564
Equity investments	Other									2,085			0		0			2,085
Total equity investments									$	3,058		$	409	$	0		$	2,649
Cash									$	3,771		$	3,771	$	0		$	0
Derivatives, net (a)										(13	)		0		(13	)		0
Total									$	136,468		$	11,356	$	122,463		$	2,649

(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, 2019
U.S. government and agency securities	$	4,169	$	(18	)	$	25,788	$	(39	)	$	29,957	$	(57	)
Foreign government bonds		1,464		(3	)		63		(8	)		1,527		(11	)
Mortgage- and asset-backed securities		563		(1	)		198		(1	)		761		(2	)
Corporate notes and bonds		680		(5	)		231		(4	)		911		(9	)
Municipal securities		0		0			1		0			1		0
Total	$	6,876	$	(27	)	$	26,281	$	(52	)	$	33,157	$	(79	)

	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, 2019
U.S. government and agency securities	$	1,491	$	(1	)	$	39,158	$	(103	)	$	40,649	$	(104	)
Foreign government bonds		25		0			77		(8	)		102		(8	)
Mortgage- and asset-backed securities		664		(1	)		378		(2	)		1,042		(3	)
Corporate notes and bonds		498		(3	)		376		(4	)		874		(7	)
Total	$	2,678	$	(5	)	$	39,989	$	(117	)	$	42,667	$	(122	)

Debt Investment Maturities

Debt Investment Maturities

(In millions)	Cost Basis		Estimated Fair Value
September 30, 2019
Due in one year or less	$	44,950	$	44,929
Due after one year through five years		46,544		47,525
Due after five years through 10 years		36,438		37,990
Due after 10 years		1,376		1,467
Total	$	129,308	$	131,911