Item 8

  

The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents:

| --- | --- | --- | --- | --- |
| (In millions) | June 30,   2025 | June 30,   2025 | June 30,   2024 | June 30,   2024 |
| Designated as Hedging Instruments |  |  |  |  |
| Foreign exchange contracts purchased | $ | 1,492 | $ | 1,492 |
| Interest rate contracts purchased |  | 1,150 |  | 1,100 |
| Not Designated as Hedging Instruments |  |  |  |  |
| Foreign exchange contracts purchased |  | 15,214 |  | 7,167 |
| Foreign exchange contracts sold |  | 43,307 |  | 31,793 |
| Equity contracts purchased |  | 5,434 |  | 4,016 |
| Equity contracts sold |  | 2,189 |  | 2,165 |
| Other contracts purchased |  | 2,769 |  | 2,113 |
| Other contracts sold |  | 1,242 |  | 811 |

Fair Values of Derivative Instruments

  

The following table presents our derivative instruments:

> **Derivative**
>
> Derivative / Derivative / Derivative / Derivative / Derivative / Derivative / Derivative / Derivative / Derivative / Derivative
>
> (In millions) ........................... Assets / Assets / Liabilities / Liabilities / Liabilities / Assets / Assets / Assets / Liabilities / Liabilities / Liabilities
> June 30,   2025 / June 30,   2025 / June 30,   2025 / June 30,   2025 / June 30,   2025 / June 30,   2025 / June 30,   2024 / June 30,   2024 / June 30,   2024 / June 30,   2024 / June 30,   2024 / June 30,   2024 / June 30,   2024
> Designated as Hedging Instruments
> Foreign exchange contracts .............. $ / 89 / $ / ( 44 / ) / $ / 24 / $ / ( 76 / )
> Interest rate contracts ................. 15 / 0 / 19 / 0
> Not Designated as Hedging Instruments
> Foreign exchange contracts .............. 248 / ( 809 / ) / 213 / ( 230 / )
> Equity contracts ........................ 385 / ( 983 / ) / 63 / ( 491 / )
> Other contracts ......................... 21 / ( 1 / ) / 12 / ( 3 / )
> Gross amounts of derivatives ............ 758 / ( 1,837 / ) / 331 / ( 800 / )
> Gross amounts of derivatives offset in the balance sheets ... ( 258 / ) / 260 / ( 151 / ) / 152
> Cash collateral received ................ 0 / ( 99 / ) / 0 / ( 104 / )
> Net amounts of derivatives .............. $ / 500 / $ / ( 1,676 / ) / $ / 180 / $ / ( 752 / )
> Reported as
> Short-term investments .................. $ / 10 / $ / 0 / $ / 12 / $ / 0
> Other current assets .................... 201 / 0 / 149 / 0
> Equity and other investments ............ 272 / 0 / 0 / 0
> Other long-term assets .................. 17 / 0 / 19 / 0
> Other current liabilities ............... 0 / ( 1,639 / ) / 0 / ( 401 / )
> Other long-term liabilities ............. 0 / ( 37 / ) / 0 / ( 351 / )
> Total ................................... $ / 500 / $ / ( 1,676 / ) / $ / 180 / $ / ( 752 / )

Gross derivative assets and liabilities subject to legally enforceable master netting agreements for which we have elected to offset were $ 452  million and $ 1.8  billion, respectively, as of June 30, 2025, and $ 304  million and $ 800  million, respectively, as of June 30, 2024.

  

68

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PART II