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 and Other Investments


June 30, 2025

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper		Level 2	$	10,880	$	0	$	0		$	10,880	$	9,939	$	941	$	0
Certificates of deposit		Level 2		2,653		0		0			2,653		2,309		344		0
U.S. government securities		Level 1		52,878		71		(1,462	)		51,487		4,742		46,745		0
U.S. agency securities		Level 2		2,686		0		0			2,686		496		2,190		0
Foreign government bonds		Level 2		349		24		(9	)		364		0		364		0
Mortgage- and asset-backed securities		Level 2		2,558		10		(27	)		2,541		0		2,541		0
Corporate notes and bonds		Level 2		10,763		124		(101	)		10,786		0		10,786		0
Corporate notes and bonds		Level 3		2,511		65		(5	)		2,571		0		111		2,460
Municipal securities		Level 2		207		1		(7	)		201		0		201		0
Municipal securities		Level 3		104		0		(14	)		90		0		90		0


Total debt investments			$	85,589	$	295	$	(1,625	)	$	84,259	$	17,486	$	64,313	$	2,460


Changes in Fair Value Recorded in Net Income

Equity investments		Level 1								$	4,577	$	1,045	$	0	$	3,532
Equity investments		Other									9,141		0		0		9,141


Total equity investments										$	13,718	$	1,045	$	0	$	12,673


Cash										$	11,711	$	11,711	$	0	$	0
Derivatives, net (a)											282		0		10		272


Total										$	109,970	$	30,242	$	64,323	$	15,405


(In millions)	Fair Value Level		Adjusted Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis		Cash and Cash Equivalents		Short-term Investments		Equity and Other Investments


June 30, 2024

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper		Level 2	$	4,666	$	0	$	0		$	4,666	$	4,666	$	0	$	0
Certificates of deposit		Level 2		1,547		0		0			1,547		1,503		44		0
U.S. government securities		Level 1		49,603		4		(2,948	)		46,659		14		46,645		0
U.S. agency securities		Level 2		17		0		0			17		0		17		0
Foreign government bonds		Level 2		319		3		(16	)		306		0		306		0
Mortgage- and asset-backed securities		Level 2		944		3		(35	)		912		0		912		0
Corporate notes and bonds		Level 2		9,106		28		(318	)		8,816		0		8,816		0
Corporate notes and bonds		Level 3		1,641		0		(1	)		1,640		0		140		1,500
Municipal securities		Level 2		262		0		(13	)		249		0		249		0
Municipal securities		Level 3		104		0		(17	)		87		0		87		0


Total debt investments			$	68,209	$	38	$	(3,348	)	$	64,899	$	6,183	$	57,216	$	1,500


Changes in Fair Value Recorded in Net Income

Equity investments		Level 1								$	3,547	$	561	$	0	$	2,986
Equity investments		Other									10,114		0		0		10,114


Total equity investments										$	13,661	$	561	$	0	$	13,100


Cash										$	11,571	$	11,571	$	0	$	0
Derivatives, net (a)											12		0		12		0


Total										$	90,143	$	18,315	$	57,228	$	14,600

(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 at cost with adjustments for observable changes in price or impairments, measured using the equity method, or 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, 2025 and 2024, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $2.9 billion and $3.9 billion, respectively. Equity investments measured using the equity method were $6.0 billion as of both June 30, 2025 and 2024.

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, 2025

U.S. government and agency securities	$	2,569	$	(51	)	$	34,608	$	(1,411	)	$	37,177	$	(1,462	)
Foreign government bonds		43		(2	)		106		(7	)		149		(9	)
Mortgage- and asset-backed securities		841		(4	)		189		(23	)		1,030		(27	)
Corporate notes and bonds		1,107		(8	)		3,105		(98	)		4,212		(106	)
Municipal securities		0		0			168		(21	)		168		(21	)


Total	$	4,560	$	(65	)	$	38,176	$	(1,560	)	$	42,736	$	(1,625	)


	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, 2024

U.S. government and agency securities	$	529	$	(12	)	$	45,821	$	(2,936	)	$	46,350	$	(2,948	)
Foreign government bonds		79		(2	)		180		(14	)		259		(16	)
Mortgage- and asset-backed securities		201		(1	)		409		(34	)		610		(35	)
Corporate notes and bonds		1,310		(9	)		5,779		(310	)		7,089		(319	)
Municipal securities		38		(1	)		243		(29	)		281		(30	)


Total	$	2,157	$	(25	)	$	52,432	$	(3,323	)	$	54,589	$	(3,348	)

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.