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
PART II