Item 8

  

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**
>
> Less than 12 Months / Less than 12 Months / Less than 12 Months / Less than 12 Months / Less than 12 Months / 12 Months or Greater / 12 Months or Greater / 12 Months or Greater / 12 Months or Greater / 12 Months or Greater / 12 Months or Greater / TotalUnrealizedLosses / TotalUnrealizedLosses
>
> TotalUnrealizedLosses
> TotalUnrealizedLosses
> (In millions) ........................... Fair Value / Fair Value / UnrealizedLosses / Fair Value / Fair Value / UnrealizedLosses / UnrealizedLosses / TotalFair Value / TotalFair Value / TotalUnrealizedLosses
> June 30, 2025
> U.S. government and agency securities ... $ / 2,569 / $ / ( 51 / ) / $ / 34,608 / $ / ( 1,411 / ) / $ / 37,177 / $ / ( 1,462 / )
> Foreign government bonds ................ 43 / ( 2 / ) / 106 / ( 7 / ) / 149 / ( 9 / )
> Mortgage- and asset-backed securities ... 841 / ( 4 / ) / 189 / ( 23 / ) / 1,030 / ( 27 / )
> Corporate notes and bonds ............... 1,107 / ( 8 / ) / 3,105 / ( 98 / ) / 4,212 / ( 106 / )
> Municipal securities .................... 0 / 0 / 168 / ( 21 / ) / 168 / ( 21 / )
> Total ................................... $ / 4,560 / $ / ( 65 / ) / $ / 38,176 / $ / ( 1,560 / ) / $ / 42,736 / $ / ( 1,625 / )

> **Less than 12 Months**
>
> Less than 12 Months / Less than 12 Months / Less than 12 Months / Less than 12 Months / Less than 12 Months / 12 Months or Greater / 12 Months or Greater / 12 Months or Greater / 12 Months or Greater / 12 Months or Greater / 12 Months or Greater / TotalUnrealizedLosses
>
> TotalUnrealizedLosses
> TotalUnrealizedLosses
> (In millions) ........................... Fair Value / UnrealizedLosses / Fair Value / UnrealizedLosses / TotalFair Value / TotalUnrealizedLosses
> June 30, 2024
> U.S. government and agency securities ... $ / 529 / $ / ( 12 / ) / $ / 45,821 / $ / ( 2,936 / ) / $ / 46,350 / $ / ( 2,948 / )
> Foreign government bonds ................ 79 / ( 2 / ) / 180 / ( 14 / ) / 259 / ( 16 / )
> Mortgage- and asset-backed securities ... 201 / ( 1 / ) / 409 / ( 34 / ) / 610 / ( 35 / )
> Corporate notes and bonds ............... 1,310 / ( 9 / ) / 5,779 / ( 310 / ) / 7,089 / ( 319 / )
> Municipal securities .................... 38 / ( 1 / ) / 243 / ( 29 / ) / 281 / ( 30 / )
> Total ................................... $ / 2,157 / $ / ( 25 / ) / $ / 52,432 / $ / ( 3,323 / ) / $ / 54,589 / $ / ( 3,348 / )

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.

  

Debt Investment Maturities

The following table outlines maturities of our debt investments as of June 30, 2025:

| --- | --- | --- | --- | --- |
| (In millions) | Adjusted   Cost Basis | Adjusted   Cost Basis | Estimated   Fair Value | Estimated   Fair Value |
| June 30, 2025 |  |  |  |  |
| Due in one year or less | $ | 35,108 | $ | 34,952 |
| Due after one year through five years |  | 42,460 |  | 41,481 |
| Due after five years through 10 years |  | 6,530 |  | 6,424 |
| Due after 10 years |  | 1,491 |  | 1,402 |
| Total | $ | 85,589 | $ | 84,259 |

  

66

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PART II