| Investment Components |
The components of investments were as follows:
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|
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|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
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|
|
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|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
| 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, 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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Investment Maturities |
Debt Investment Maturities The following table outlines maturities of our debt investments as of June 30, 2025:
|
|
|
|
|
|
|
|
|
(In millions) |
|
Adjusted Cost Basis |
|
|
Estimated Fair Value |
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
35,108 |
|
|
$ |
34,952 |
|
Due after one year through five years |
|
|
42,460 |
|
|
|
41,481 |
|
Due after five years through 10 years |
|
|
6,530 |
|
|
|
6,424 |
|
Due after 10 years |
|
|
1,491 |
|
|
|
1,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
85,589 |
|
|
$ |
84,259 |
|
|
|
|
|
|
|
|
|
|
|