Item 8

  

NOTE 4 — INVESTMENTS

Investment Components

  

The components of investments were as follows:

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

  

64

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PART II