| 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 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.
|
| 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, 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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Investment Maturities |
Debt Investment Maturities The following table outlines maturities of our debt investments as of March 31, 2026:
|
|
|
|
|
|
|
|
|
(In millions) |
|
Adjusted Cost Basis |
|
|
Estimated Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
31,578 |
|
|
$ |
31,489 |
|
Due after one year through five years |
|
|
39,402 |
|
|
|
38,528 |
|
Due after five years through 10 years |
|
|
3,481 |
|
|
|
3,559 |
|
Due after 10 years |
|
|
1,257 |
|
|
|
1,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
75,718 |
|
|
$ |
74,750 |
|
|
|
|
|
|
|
|
|
|
|