(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.
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PART II