| Investment Components |
The components of investments were as follows:
|
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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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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
Level 2 |
|
|
$ |
2,987 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
2,987 |
|
|
$ |
2,373 |
|
|
$ |
614 |
|
|
$ |
0 |
|
Certificates of deposit |
|
|
Level 2 |
|
|
|
1,745 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,745 |
|
|
|
1,701 |
|
|
|
44 |
|
|
|
0 |
|
U.S. government securities |
|
|
Level 1 |
|
|
|
49,714 |
|
|
|
2 |
|
|
|
(1,154 |
) |
|
|
48,562 |
|
|
|
399 |
|
|
|
40,675 |
|
|
|
7,488 |
|
U.S. agency securities |
|
|
Level 2 |
|
|
|
3,133 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,133 |
|
|
|
1,787 |
|
|
|
1,346 |
|
|
|
0 |
|
Foreign government bonds |
|
|
Level 2 |
|
|
|
221 |
|
|
|
12 |
|
|
|
(7 |
) |
|
|
226 |
|
|
|
0 |
|
|
|
226 |
|
|
|
0 |
|
Mortgage- and asset-backed securities |
|
|
Level 2 |
|
|
|
1,813 |
|
|
|
5 |
|
|
|
(23 |
) |
|
|
1,795 |
|
|
|
0 |
|
|
|
1,795 |
|
|
|
0 |
|
Corporate notes and bonds |
|
|
Level 2 |
|
|
|
10,682 |
|
|
|
49 |
|
|
|
(71 |
) |
|
|
10,660 |
|
|
|
0 |
|
|
|
10,660 |
|
|
|
0 |
|
Corporate notes and bonds |
|
|
Level 3 |
|
|
|
1,618 |
|
|
|
120 |
|
|
|
0 |
|
|
|
1,738 |
|
|
|
0 |
|
|
|
118 |
|
|
|
1,620 |
|
Municipal securities |
|
|
Level 2 |
|
|
|
152 |
|
|
|
0 |
|
|
|
(5 |
) |
|
|
147 |
|
|
|
0 |
|
|
|
147 |
|
|
|
0 |
|
Municipal securities |
|
|
Level 3 |
|
|
|
105 |
|
|
|
0 |
|
|
|
(14 |
) |
|
|
91 |
|
|
|
0 |
|
|
|
91 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
|
|
$ |
72,170 |
|
|
$ |
188 |
|
|
$ |
(1,274 |
) |
|
$ |
71,084 |
|
|
$ |
6,260 |
|
|
$ |
55,716 |
|
|
$ |
9,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,289 |
|
|
$ |
1,616 |
|
|
$ |
0 |
|
|
$ |
2,673 |
|
Equity investments |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,567 |
|
|
|
0 |
|
|
|
0 |
|
|
|
24,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
28,856 |
|
|
$ |
1,616 |
|
|
$ |
0 |
|
|
$ |
27,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,059 |
|
|
$ |
13,059 |
|
|
$ |
0 |
|
|
$ |
0 |
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
192 |
|
|
|
0 |
|
|
|
192 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
113,191 |
|
|
$ |
20,935 |
|
|
$ |
55,908 |
|
|
$ |
36,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
19,100 |
|
|
$ |
(100 |
) |
|
$ |
22,042 |
|
|
$ |
(1,054 |
) |
|
$ |
41,142 |
|
|
$ |
(1,154 |
) |
Foreign government bonds |
|
|
74 |
|
|
|
(1 |
) |
|
|
30 |
|
|
|
(6 |
) |
|
|
104 |
|
|
|
(7 |
) |
Mortgage- and asset-backed securities |
|
|
905 |
|
|
|
(5 |
) |
|
|
129 |
|
|
|
(18 |
) |
|
|
1,034 |
|
|
|
(23 |
) |
Corporate notes and bonds |
|
|
5,066 |
|
|
|
(31 |
) |
|
|
909 |
|
|
|
(40 |
) |
|
|
5,975 |
|
|
|
(71 |
) |
Municipal securities |
|
|
0 |
|
|
|
0 |
|
|
|
122 |
|
|
|
(19 |
) |
|
|
122 |
|
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
25,145 |
|
|
$ |
(137 |
) |
|
$ |
23,232 |
|
|
$ |
(1,137 |
) |
|
$ |
48,377 |
|
|
$ |
(1,274 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Investment Maturities |
Debt Investment Maturities The following table outlines maturities of our debt investments as of June 30, 2026:
|
|
|
|
|
|
|
|
|
(In millions) |
|
Adjusted Cost Basis |
|
|
Estimated Fair Value |
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
28,764 |
|
|
$ |
28,697 |
|
Due after one year through five years |
|
|
38,376 |
|
|
|
37,395 |
|
Due after five years through 10 years |
|
|
3,493 |
|
|
|
3,586 |
|
Due after 10 years |
|
|
1,537 |
|
|
|
1,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
72,170 |
|
|
$ |
71,084 |
|
|
|
|
|
|
|
|
|
|
|