INVESTMENTS

9 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

INVESTMENTS

NOTE 4 — INVESTMENTS

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 Investments
March 31, 2021
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	4,435	$	0	$	0		$	4,435	$	2,314	$	2,121	$	0
Certificates of deposit	Level 2		3,000		0		0			3,000		2,402		598		0
U.S. government securities	Level 1		86,198		3,789		(223	)		89,764		2		89,762		0
U.S. agency securities	Level 2		907		2		0			909		0		909		0
Foreign government bonds	Level 2		6,756		7		(3	)		6,760		1,720		5,040		0
Mortgage- and asset-backed securities	Level 2		3,882		23		(10	)		3,895		0		3,895		0
Corporate notes and bonds	Level 2		8,262		251		(17	)		8,496		0		8,496		0
Corporate notes and bonds	Level 3		62		0		0			62		0		62		0
Municipal securities	Level 2		286		54		0			340		0		340		0
Municipal securities	Level 3		95		0		(7	)		88		0		88		0
Total debt investments		$	113,883	$	4,126	$	(260	)	$	117,749	$	6,438	$	111,311	$	0
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	1,592	$	950	$	0	$	642
Equity investments	Other									4,753		0		0		4,753
Total equity investments									$	6,345	$	950	$	0	$	5,395
Cash									$	6,314	$	6,314	$	0	$	0
Derivatives, net (a)										394		0		394		0
Total									$	130,802	$	13,702	$	111,705	$	5,395

(In millions)	Fair Value Level	Adjusted Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis		Cash and Cash Equivalents		Short-term Investments		Equity Investments
June 30, 2020
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper	Level 2	$	4,687	$	1	$	0		$	4,688	$	1,618	$	3,070	$	0
Certificates of deposit	Level 2		2,898		0		0			2,898		1,646		1,252		0
U.S. government securities	Level 1		92,067		6,495		(1	)		98,561		3,168		95,393		0
U.S. agency securities	Level 2		2,439		2		0			2,441		449		1,992		0
Foreign government bonds	Level 2		6,982		6		(3	)		6,985		1		6,984		0
Mortgage- and asset-backed securities	Level 2		4,865		41		(6	)		4,900		0		4,900		0
Corporate notes and bonds	Level 2		8,500		327		(17	)		8,810		0		8,810		0
Corporate notes and bonds	Level 3		58		0		0			58		0		58		0
Municipal securities	Level 2		313		57		(4	)		366		0		366		0
Municipal securities	Level 3		91		0		0			91		0		91		0
Total debt investments		$	122,900	$	6,929	$	(31	)	$	129,798	$	6,882	$	122,916	$	0
Changes in Fair Value Recorded in Net Income
Equity investments	Level 1								$	1,198	$	784	$	0	$	414
Equity investments	Other									2,551		0		0		2,551
Total equity investments									$	3,749	$	784	$	0	$	2,965
Cash									$	5,910	$	5,910	$	0	$	0
Derivatives, net (a)										35		0		35		0
Total									$	139,492	$	13,576	$	122,951	$	2,965

(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, 2021 and June 30, 2020, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $2.9 billion and $1.4 billion, respectively.

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, 2021
U.S. government and agency securities	$	6,755	$	(223	)	$	0	$	0	$	6,755	$	(223	)
Foreign government bonds		1,429		(3	)		0		0		1,429		(3	)
Mortgage- and asset-backed securities		1,377		(10	)		0		0		1,377		(10	)
Corporate notes and bonds		1,473		(17	)		0		0		1,473		(17	)
Municipal securities		90		(7	)		0		0		90		(7	)
Total	$	11,124	$	(260	)	$	0	$	0	$	11,124	$	(260	)

	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, 2020
U.S. government and agency securities	$	2,323	$	(1	)	$	0	$	0	$	2,323	$	(1	)
Foreign government bonds		500		(3	)		0		0		500		(3	)
Mortgage- and asset-backed securities		1,014		(6	)		0		0		1,014		(6	)
Corporate notes and bonds		649		(17	)		0		0		649		(17	)
Municipal securities		66		(4	)		0		0		66		(4	)
Total	$	4,552	$	(31	)	$	0	$	0	$	4,552	$	(31	)

Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence.

Debt Investment Maturities

(In millions)	Adjusted Cost Basis		Estimated Fair Value
March 31, 2021
Due in one year or less	$	17,466	$	17,496
Due after one year through five years		65,306		68,168
Due after five years through 10 years		28,540		29,478
Due after 10 years		2,571		2,607
Total	$	113,883	$	117,749