| Investment Components |
The components of investments were as follows:
|
(In millions) |
|
Fair Value Level |
|
|
Cost Basis |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Recorded
Basis |
|
|
Cash
and Cash
Equivalents |
|
Short-term
Investments |
|
|
Equity
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
Level 2 |
|
|
$ |
4,687 |
|
|
$ |
1 |
|
|
$ |
0 |
|
|
$ |
4,688 |
|
|
$ |
1,618 |
|
|
$ |
3,070 |
|
|
$ |
0 |
|
|
Certificates of deposit |
|
|
Level 2 |
|
|
|
2,898 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,898 |
|
|
|
1,646 |
|
|
|
1,252 |
|
|
|
0 |
|
|
U.S. government securities |
|
|
Level 1 |
|
|
|
92,067 |
|
|
|
6,495 |
|
|
|
(1 |
) |
|
|
98,561 |
|
|
|
3,168 |
|
|
|
95,393 |
|
|
|
0 |
|
|
U.S. agency securities |
|
|
Level 2 |
|
|
|
2,439 |
|
|
|
2 |
|
|
|
0 |
|
|
|
2,441 |
|
|
|
449 |
|
|
|
1,992 |
|
|
|
0 |
|
|
Foreign government bonds |
|
|
Level 2 |
|
|
|
6,982 |
|
|
|
6 |
|
|
|
(3 |
) |
|
|
6,985 |
|
|
|
1 |
|
|
|
6,984 |
|
|
|
0 |
|
|
Mortgage- and asset-backed securities |
|
|
Level 2 |
|
|
|
4,865 |
|
|
|
41 |
|
|
|
(6 |
) |
|
|
4,900 |
|
|
|
0 |
|
|
|
4,900 |
|
|
|
0 |
|
|
Corporate notes and bonds |
|
|
Level 2 |
|
|
|
8,500 |
|
|
|
327 |
|
|
|
(17 |
) |
|
|
8,810 |
|
|
|
0 |
|
|
|
8,810 |
|
|
|
0 |
|
|
Corporate notes and bonds |
|
|
Level 3 |
|
|
|
58 |
|
|
|
0 |
|
|
|
0 |
|
|
|
58 |
|
|
|
0 |
|
|
|
58 |
|
|
|
0 |
|
|
Municipal securities |
|
|
Level 2 |
|
|
|
313 |
|
|
|
57 |
|
|
|
(4 |
) |
|
|
366 |
|
|
|
0 |
|
|
|
366 |
|
|
|
0 |
|
|
Municipal securities |
|
|
Level 3 |
|
|
|
91 |
|
|
|
0 |
|
|
|
0 |
|
|
|
91 |
|
|
|
0 |
|
|
|
91 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
|
|
$ |
122,900 |
|
|
$ |
6,929 |
|
|
$ |
(31 |
) |
|
$ |
129,798 |
|
|
$ |
6,882 |
|
|
$ |
122,916 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,198 |
|
|
$ |
784 |
|
|
$ |
0 |
|
|
$ |
414 |
|
|
Equity investments |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,551 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,749 |
|
|
$ |
784 |
|
|
$ |
0 |
|
|
$ |
2,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,910 |
|
|
$ |
5,910 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 |
|
|
|
0 |
|
|
|
35 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
139,492 |
|
|
$ |
13,576 |
|
|
$ |
122,951 |
|
|
$ |
2,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
2,323 |
|
|
$ |
(1 |
) |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
2,323 |
|
|
$ |
(1 |
) |
|
Foreign government bonds |
|
|
500 |
|
|
|
(3 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
500 |
|
|
|
(3 |
) |
|
Mortgage- and asset-backed securities |
|
|
1,014 |
|
|
|
(6 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
1,014 |
|
|
|
(6 |
) |
|
Corporate notes and bonds |
|
|
649 |
|
|
|
(17 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
649 |
|
|
|
(17 |
) |
|
Municipal securities |
|
|
66 |
|
|
|
(4 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
66 |
|
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
4,552 |
|
|
$ |
(31 |
) |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
4,552 |
|
|
$ |
(31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Investment Maturities |
Debt Investment Maturities
|
(In millions) |
|
Cost Basis |
|
|
Estimated
Fair Value |
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
36,169 |
|
|
$ |
36,276 |
|
|
Due after one year through five years |
|
|
51,465 |
|
|
|
54,700 |
|
|
Due after five years through 10 years |
|
|
32,299 |
|
|
|
35,674 |
|
|
Due after 10 years |
|
|
2,967 |
|
|
|
3,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
122,900 |
|
|
$ |
129,798 |
|
|
|
|
|
|
|
|
|
|
|
|