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


March 31, 2026

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper	Level 2	$	5,544	$	0	$	0		$	5,544	$	5,543	$	1	$	0
Certificates of deposit	Level 2		1,394		0		0			1,394		1,350		44		0
U.S. government securities	Level 1		50,821		25		(1,078	)		49,768		8,923		32,119		8,726
U.S. agency securities	Level 2		3,215		0		0			3,215		2,465		750		0
Foreign government bonds	Level 2		225		13		(5	)		233		0		233		0
Mortgage- and asset-backed securities	Level 2		2,010		6		(23	)		1,993		0		1,993		0
Corporate notes and bonds	Level 2		10,652		66		(73	)		10,645		0		10,645		0
Corporate notes and bonds	Level 3		1,601		120		0			1,721		0		101		1,620
Municipal securities	Level 2		152		1		(6	)		147		0		147		0
Municipal securities	Level 3		104		0		(14	)		90		0		90		0


Total debt investments		$	75,718	$	231	$	(1,199	)	$	74,750	$	18,281	$	46,123	$	10,346


Changes in Fair Value Recorded in Net Income

Equity investments	Level 1								$	3,911	$	1,093	$	0	$	2,818
Equity investments	Other									20,519		0		0		20,519


Total equity investments									$	24,430	$	1,093	$	0	$	23,337


Cash									$	12,731	$	12,731	$	0	$	0
Derivatives, net (a)										44		0		44		0


Total									$	111,955	$	32,105	$	46,167	$	33,683


(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.

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 March 31, 2026 and June 30, 2025, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $9.3 billion and $2.9 billion, respectively, and equity investments measured using the equity method were $11.1 billion and $6.0 billion, respectively.

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, 2026

U.S. government and agency securities	$	6,800	$	(335	)	$	23,042	$	(743	)	$	29,842	$	(1,078	)
Foreign government bonds		91		(2	)		31		(3	)		122		(5	)
Mortgage- and asset-backed securities		581		(3	)		150		(20	)		731		(23	)
Corporate notes and bonds		3,472		(29	)		1,411		(44	)		4,883		(73	)
Municipal securities		0		0			154		(20	)		154		(20	)


Total	$	10,944	$	(369	)	$	24,788	$	(830	)	$	35,732	$	(1,199	)


	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	)

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.