(In millions)	Fair Value Level		Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis			Cash and Cash Equivalents		Short-term Investments			Equity Investments


June 30, 2019

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper		Level 2	$	2,211	$	0	$	0		$	2,211		$	1,773	$	438		$	0
Certificates of deposit		Level 2		2,018		0		0			2,018			1,430		588			0
U.S. government securities		Level 1		104,925		1,854		(104	)		106,675			769		105,906			0
U.S. agency securities		Level 2		988		0		0			988			698		290			0
Foreign government bonds		Level 2		6,350		4		(8	)		6,346			2,506		3,840			0
Mortgage- and asset-backed securities		Level 2		3,554		10		(3	)		3,561			0		3,561			0
Corporate notes and bonds		Level 2		7,437		111		(7	)		7,541			0		7,541			0
Corporate notes and bonds		Level 3		15		0		0			15			0		15			0
Municipal securities		Level 2		242		48		0			290			0		290			0
Municipal securities		Level 3		7		0		0			7			0		7			0


Total debt investments			$	127,747	$	2,027	$	(122	)	$	129,652		$	7,176	$	122,476		$	0


Changes in Fair Value Recorded in Net Income

Equity investments		Level 1								$	973		$	409	$	0		$	564
Equity investments		Other									2,085			0		0			2,085


Total equity investments										$	3,058		$	409	$	0		$	2,649

Cash										$	3,771		$	3,771	$	0		$	0
Derivatives, net^(a)											(13	)		0		(13	)		0


Total										$	136,468		$	11,356	$	122,463		$	2,649

(In millions)	Fair Value Level		Cost Basis		Unrealized Gains		Unrealized Losses			Recorded Basis		Cash and Cash Equivalents		Short-term Investments		Equity Investments


June 30, 2018

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper		Level 2	$	2,513	$	0	$	0		$	2,513	$	2,215	$	298	$	0
Certificates of deposit		Level 2		2,058		0		0			2,058		1,865		193		0
U.S. government securities		Level 1		108,120		62		(1,167	)		107,015		2,280		104,735		0
U.S. agency securities		Level 2		1,742		0		0			1,742		1,398		344		0
Foreign government bonds		Level 1		22		0		0			22		0		22		0
Foreign government bonds		Level 2		5,063		1		(10	)		5,054		0		5,054		0
Mortgage- and asset-backed securities		Level 2		3,864		4		(13	)		3,855		0		3,855		0
Corporate notes and bonds		Level 2		6,929		21		(56	)		6,894		0		6,894		0
Corporate notes and bonds		Level 3		15		0		0			15		0		15		0
Municipal securities		Level 2		271		37		(1	)		307		0		307		0


Total debt investments			$	130,597	$	125	$	(1,247	)	$	129,475	$	7,758	$	121,717	$	0


Equity investments		Level 1								$	533	$	246	$	0	$	287
Equity investments		Level 3									18		0		0		18
Equity investments		Other									1,558		0		1		1,557


Total equity investments										$	2,109	$	246	$	1	$	1,862


Cash										$	3,942	$	3,942	$	0	$	0
Derivatives, net^(a)											104		0		104		0


Total										$	135,630	$	11,946	$	121,822	$	1,862

(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 using the equity method or measured at cost with adjustments for observable changes in price or impairments, and investments measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. As of June 30, 2019 and 2018, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $1.2 billion and $697 million, respectively.

As of June 30, 2019, we had no collateral received under agreements for loaned securities. As of June 30, 2018, collateral received under agreements for loaned securities was $1.8 billion and primarily comprised U.S. government and agency securities.

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, 2019

U.S. government and agency securities	$	1,491	$	(1	)	$	39,158	$	(103	)	$	40,649	$	(104	)
Foreign government bonds		25		0			77		(8	)		102		(8	)
Mortgage- and asset-backed securities		664		(1	)		378		(2	)		1,042		(3	)
Corporate notes and bonds		498		(3	)		376		(4	)		874		(7	)


Total	$	2,678	$	(5	)	$	39,989	$	(117	)	$	42,667	$	(122	)

	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, 2018

U.S. government and agency securities	$	82,352	$	(1,064	)	$	4,459	$	(103	)	$	86,811	$	(1,167	)
Foreign government bonds		3,457		(7	)		13		(3	)		3,470		(10	)
Mortgage- and asset-backed securities		2,072		(9	)		96		(4	)		2,168		(13	)
Corporate notes and bonds		3,111		(43	)		301		(13	)		3,412		(56	)
Municipal securities		45		(1	)		0		0			45		(1	)


Total	$	91,037	$	(1,124	)	$	4,869	$	(123	)	$	95,906	$	(1,247	)

Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence.