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


September 30, 2021

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper	Level 2	$	8,183	$	0	$	0		$	8,183	$	4,686	$	3,497	$	0
Certificates of deposit	Level 2		3,054		0		0			3,054		2,809		245		0
U.S. government securities	Level 1		89,437		3,382		(134	)		92,685		3		92,682		0
U.S. agency securities	Level 2		2,943		1		0			2,944		1,119		1,825		0
Foreign government bonds	Level 2		3,130		6		(4	)		3,132		2,487		645		0
Mortgage- and asset-backed securities	Level 2		3,461		20		(7	)		3,474		0		3,474		0
Corporate notes and bonds	Level 2		8,346		205		(13	)		8,538		0		8,538		0
Corporate notes and bonds	Level 3		53		0		0			53		0		53		0
Municipal securities	Level 2		306		58		0			364		0		364		0
Municipal securities	Level 3		103		0		(7	)		96		0		96		0


Total debt investments		$	119,016	$	3,672	$	(165	)	$	122,523	$	11,104	$	111,419	$	0


Changes in Fair Value Recorded in Net Income

Equity investments	Level 1								$	1,781	$	1,198	$	0	$	583
Equity investments	Other									5,810		0		0		5,810


Total equity investments									$	7,591	$	1,198	$	0	$	6,393


Cash									$	6,863	$	6,863	$	0	$	0
Derivatives, net^(a)										31		0		31		0


Total									$	137,008	$	19,165	$	111,450	$	6,393

(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, 2021

Changes in Fair Value Recorded in Other Comprehensive Income

Commercial paper	Level 2	$	4,316	$	0	$	0		$	4,316	$	1,331	$	2,985	$	0
Certificates of deposit	Level 2		3,615		0		0			3,615		2,920		695		0
U.S. government securities	Level 1		90,664		3,832		(111	)		94,385		1,500		92,885		0
U.S. agency securities	Level 2		807		2		0			809		0		809		0
Foreign government bonds	Level 2		6,213		9		(2	)		6,220		225		5,995		0
Mortgage- and asset-backed securities	Level 2		3,442		22		(6	)		3,458		0		3,458		0
Corporate notes and bonds	Level 2		8,443		249		(9	)		8,683		0		8,683		0
Corporate notes and bonds	Level 3		63		0		0			63		0		63		0
Municipal securities	Level 2		308		63		0			371		0		371		0
Municipal securities	Level 3		95		0		(7	)		88		0		88		0


Total debt investments		$	117,966	$	4,177	$	(135	)	$	122,008	$	5,976	$	116,032	$	0


Changes in Fair Value Recorded in Net Income

Equity investments	Level 1								$	1,582	$	976	$	0	$	606
Equity investments	Other									5,378		0		0		5,378


Total equity investments									$	6,960	$	976	$	0	$	5,984


Cash									$	7,272	$	7,272	$	0	$	0
Derivatives, net^(a)										78		0		78		0


Total									$	136,318	$	14,224	$	116,110	$	5,984

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 September 30, 2021 and June 30, 2021, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $3.5 billion and $3.3 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


September 30, 2021

U.S. government and agency securities	$	5,420	$	(98	)	$	604	$	(36	)	$	6,024	$	(134	)
Foreign government bonds		1,215		(3	)		8		(1	)		1,223		(4	)
Mortgage- and asset-backed securities		1,240		(5	)		140		(2	)		1,380		(7	)
Corporate notes and bonds		2,030		(12	)		43		(1	)		2,073		(13	)
Municipal securities		20		0			54		(7	)		74		(7	)


Total	$	9,925	$	(118	)	$	849	$	(47	)	$	10,774	$	(165	)

	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, 2021

U.S. government and agency securities	$	5,294	$	(111	)	$	0	$	0		$	5,294	$	(111	)
Foreign government bonds		3,148		(1	)		5		(1	)		3,153		(2	)
Mortgage- and asset-backed securities		1,211		(5	)		87		(1	)		1,298		(6	)
Corporate notes and bonds		1,678		(8	)		34		(1	)		1,712		(9	)
Municipal securities		58		(7	)		1		0			59		(7	)


Total	$	11,389	$	(132	)	$	127	$	(3	)	$	11,516	$	(135	)

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.