INVESTMENTS

12 Months Ended

Jun. 30, 2022

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
June 30, 2022
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper		Level 2	$	2,500	$	0	$	0		$	2,500	$	2,498	$	2	$	0
Certificates of deposit		Level 2		2,071		0		0			2,071		2,032		39		0
U.S. government securities		Level 1		79,696		29		(2,178	)		77,547		9		77,538		0
U.S. agency securities		Level 2		419		0		(9	)		410		0		410		0
Foreign government bonds		Level 2		506		0		(24	)		482		0		482		0
Mortgage- and asset-backed securities		Level 2		727		1		(30	)		698		0		698		0
Corporate notes and bonds		Level 2		11,661		4		(554	)		11,111		0		11,111		0
Corporate notes and bonds		Level 3		67		0		0			67		0		67		0
Municipal securities		Level 2		368		19		(13	)		374		0		374		0
Municipal securities		Level 3		103		0		(6	)		97		0		97		0
Total debt investments			$	98,118	$	53	$	(2,814	)	$	95,357	$	4,539	$	90,818	$	0
Changes in Fair Value Recorded in Net Income
Equity investments		Level 1								$	1,590	$	1,134	$	0	$	456
Equity investments		Other									6,435		0		0		6,435
Total equity investments										$	8,025	$	1,134	$	0	$	6,891
Cash										$	8,258	$	8,258	$	0	$	0
Derivatives, net (a)											8		0		8		0
Total										$	111,648	$	13,931	$	90,826	$	6,891

(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, 2021
Changes in Fair Value Recorded in Other Comprehensive Income
Commercial paper		Level 2	$	4,316	$	0	$	0		$	4,316	$	1,331	$	2,985	$	0
Certificates of deposit		Level 2		3,615		0		0			3,615		2,920		695		0
U.S. government securities		Level 1		90,664		3,832		(111	)		94,385		1,500		92,885		0
U.S. agency securities		Level 2		807		2		0			809		0		809		0
Foreign government bonds		Level 2		6,213		9		(2	)		6,220		225		5,995		0
Mortgage- and asset-backed securities		Level 2		3,442		22		(6	)		3,458		0		3,458		0
Corporate notes and bonds		Level 2		8,443		249		(9	)		8,683		0		8,683		0
Corporate notes and bonds		Level 3		63		0		0			63		0		63		0
Municipal securities		Level 2		308		63		0			371		0		371		0
Municipal securities		Level 3		95		0		(7	)		88		0		88		0
Total debt investments			$	117,966	$	4,177	$	(135	)	$	122,008	$	5,976	$	116,032	$	0
Changes in Fair Value Recorded in Net Income
Equity investments		Level 1								$	1,582	$	976	$	0	$	606
Equity investments		Other									5,378		0		0		5,378
Total equity investments										$	6,960	$	976	$	0	$	5,984
Cash										$	7,272	$	7,272	$	0	$	0
Derivatives, net (a)											78		0		78		0
Total										$	136,318	$	14,224	$	116,110	$	5,984

(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 June 30, 2022 and 2021, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $3.8 billion and $3.3 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
June 30, 2022
U.S. government and agency securities	$	59,092	$	(1,835	)	$	2,210	$	(352	)	$	61,302	$	(2,187	)
Foreign government bonds		418		(18	)		27		(6	)		445		(24	)
Mortgage- and asset-backed securities		510		(26	)		41		(4	)		551		(30	)
Corporate notes and bonds		9,443		(477	)		786		(77	)		10,229		(554	)
Municipal securities		178		(12	)		74		(7	)		252		(19	)
Total	$	69,641	$	(2,368	)	$	3,138	$	(446	)	$	72,779	$	(2,814	)

	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, 2021
U.S. government and agency securities	$	5,294	$	(111	)	$	0	$	0		$	5,294	$	(111	)
Foreign government bonds		3,148		(1	)		5		(1	)		3,153		(2	)
Mortgage- and asset-backed securities		1,211		(5	)		87		(1	)		1,298		(6	)
Corporate notes and bonds		1,678		(8	)		34		(1	)		1,712		(9	)
Municipal securities		58		(7	)		1		0			59		(7	)
Total	$	11,389	$	(132	)	$	127	$	(3	)	$	11,516	$	(135	)

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
June 30, 2022
Due in one year or less	$	26,480	$	26,470
Due after one year through five years		52,006		50,748
Due after five years through 10 years		18,274		16,880
Due after 10 years		1,358		1,259
Total	$	98,118	$	95,357