| 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, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
Level 2 |
|
$ |
9,853 |
|
$ |
0 |
|
$ |
0 |
|
|
$ |
9,853 |
|
$ |
9,207 |
|
$ |
646 |
|
$ |
0 |
|
Certificates of deposit |
|
Level 2 |
|
|
2,229 |
|
|
0 |
|
|
0 |
|
|
|
2,229 |
|
|
2,185 |
|
|
44 |
|
|
0 |
|
U.S. government securities |
|
Level 1 |
|
|
66,318 |
|
|
1 |
|
|
(3,169 |
) |
|
|
63,150 |
|
|
1,550 |
|
|
61,600 |
|
|
0 |
|
U.S. agency securities |
|
Level 2 |
|
|
7,469 |
|
|
1 |
|
|
(2 |
) |
|
|
7,468 |
|
|
4,127 |
|
|
3,341 |
|
|
0 |
|
Foreign government bonds |
|
Level 2 |
|
|
512 |
|
|
1 |
|
|
(23 |
) |
|
|
490 |
|
|
5 |
|
|
485 |
|
|
0 |
|
Mortgage- and asset-backed securities |
|
Level 2 |
|
|
767 |
|
|
1 |
|
|
(36 |
) |
|
|
732 |
|
|
0 |
|
|
732 |
|
|
0 |
|
Corporate notes and bonds |
|
Level 2 |
|
|
10,963 |
|
|
18 |
|
|
(552 |
) |
|
|
10,429 |
|
|
0 |
|
|
10,429 |
|
|
0 |
|
Corporate notes and bonds |
|
Level 3 |
|
|
118 |
|
|
0 |
|
|
0 |
|
|
|
118 |
|
|
0 |
|
|
118 |
|
|
0 |
|
Municipal securities |
|
Level 2 |
|
|
367 |
|
|
13 |
|
|
(15 |
) |
|
|
365 |
|
|
0 |
|
|
365 |
|
|
0 |
|
Municipal securities |
|
Level 3 |
|
|
104 |
|
|
0 |
|
|
(7 |
) |
|
|
97 |
|
|
0 |
|
|
97 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
$ |
98,700 |
|
$ |
35 |
|
$ |
(3,804 |
) |
|
$ |
94,931 |
|
$ |
17,074 |
|
$ |
77,857 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
$ |
3,475 |
|
$ |
979 |
|
$ |
0 |
|
$ |
2,496 |
|
Equity investments |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
6,919 |
|
|
0 |
|
|
0 |
|
|
6,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,394 |
|
$ |
979 |
|
$ |
0 |
|
$ |
9,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,509 |
|
$ |
8,509 |
|
$ |
0 |
|
$ |
0 |
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
0 |
|
|
8 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
113,842 |
|
$ |
26,562 |
|
$ |
77,865 |
|
$ |
9,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
12,922 |
|
|
$ |
(354 |
) |
|
$ |
41,520 |
|
|
$ |
(2,817 |
) |
|
$ |
54,442 |
|
|
$ |
(3,171 |
) |
Foreign government bonds |
|
|
74 |
|
|
|
(5 |
) |
|
|
390 |
|
|
|
(18 |
) |
|
|
464 |
|
|
|
(23 |
) |
Mortgage- and asset-backed securities |
|
|
160 |
|
|
|
(5 |
) |
|
|
387 |
|
|
|
(31 |
) |
|
|
547 |
|
|
|
(36 |
) |
Corporate notes and bonds |
|
|
2,015 |
|
|
|
(41 |
) |
|
|
7,486 |
|
|
|
(511 |
) |
|
|
9,501 |
|
|
|
(552 |
) |
Municipal securities |
|
|
87 |
|
|
|
(2 |
) |
|
|
177 |
|
|
|
(20 |
) |
|
|
264 |
|
|
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
15,258 |
|
|
$ |
(407 |
) |
|
$ |
49,960 |
|
|
$ |
(3,397 |
) |
|
$ |
65,218 |
|
|
$ |
(3,804 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Investment Maturities |
Debt Investment Maturities
|
|
|
|
|
|
|
|
|
(In millions) |
|
Adjusted Cost Basis |
|
|
Estimated Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
34,947 |
|
|
$ |
34,805 |
|
Due after one year through five years |
|
|
48,237 |
|
|
|
46,168 |
|
Due after five years through 10 years |
|
|
14,143 |
|
|
|
12,698 |
|
Due after 10 years |
|
|
1,373 |
|
|
|
1,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
98,700 |
|
|
$ |
94,931 |
|
|
|
|
|
|
|
|
|
|
|