Item 8

  

> **(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, 2024
> Changes in Fair Value Recorded in Other Comprehensive Income
> Commercial paper ........................ Level 2 / $ / 4,666 / $ / 0 / $ / 0 / $ / 4,666 / $ / 4,666 / $ / 0 / $ / 0
> Certificates of deposit ................. Level 2 / 1,547 / 0 / 0 / 1,547 / 1,503 / 44 / 0
> U.S. government securities .............. Level 1 / 49,603 / 4 / ( 2,948 / ) / 46,659 / 14 / 46,645 / 0
> U.S. agency securities .................. Level 2 / 17 / 0 / 0 / 17 / 0 / 17 / 0
> Foreign government bonds ................ Level 2 / 319 / 3 / ( 16 / ) / 306 / 0 / 306 / 0
> Mortgage- and asset-backed securities ... Level 2 / 944 / 3 / ( 35 / ) / 912 / 0 / 912 / 0
> Corporate notes and bonds ............... Level 2 / 9,106 / 28 / ( 318 / ) / 8,816 / 0 / 8,816 / 0
> Corporate notes and bonds ............... Level 3 / 1,641 / 0 / ( 1 / ) / 1,640 / 0 / 140 / 1,500
> Municipal securities .................... Level 2 / 262 / 0 / ( 13 / ) / 249 / 0 / 249 / 0
> Municipal securities .................... Level 3 / 104 / 0 / ( 17 / ) / 87 / 0 / 87 / 0
> Total debt investments .................. $ / 68,209 / $ / 38 / $ / ( 3,348 / ) / $ / 64,899 / $ / 6,183 / $ / 57,216 / $ / 1,500
> Changes in Fair Value Recorded in Net Income
> Equity investments ...................... Level 1 / $ / 3,547 / $ / 561 / $ / 0 / $ / 2,986
> Equity investments ...................... Other / 10,114 / 0 / 0 / 10,114
> Total equity investments ................ $ / 13,661 / $ / 561 / $ / 0 / $ / 13,100
> Cash .................................... $ / 11,571 / $ / 11,571 / $ / 0 / $ / 0
> Derivatives, net  (a) ................... 12 / 0 / 12 / 0
> Total ................................... $ / 90,143 / $ / 18,315 / $ / 57,228 / $ / 14,600

  (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 at cost with adjustments for observable changes in price or impairments, measured using the equity method, or 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, 2025 and 2024, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $ 2.9  billion and $ 3.9  billion, respectively. Equity investments measured using the equity method were $ 6.0  billion as of both June 30, 2025 and 2024.

  

65

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PART II