Microsoft 2014 Annual Report Download - page 55

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54
Unrealized Losses on Investments
Investments, excluding those held-to-maturity, 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 12 Months or Greater Total
Unrealized
Losses
(In millions) Fair Value
Unrealized
Losses Fair Value
Unrealized
Losses Total
Fair Value
June 30, 2014
U.S. government and agency securities $ 4,161 $ (29) $ 850 $ 0 $ 5,011 $ (29)
Foreign government bonds 566 (4) 21 (6) 587 (10)
Mortgage-backed securities 120 0 61 (2) 181 (2)
Corporate notes and bonds 1,154 (8) 34 (1) 1,188 (9)
Common and preferred stock 463 (48) 257 (33) 720 (81)
Total $ 6,464 $ (89) $ 1,223 $ (42) $ 7,687 $ (131)
Less than 12 Months 12 Months or Greater Total
Unrealized
Losses
(In millions) Fair Value
Unrealized
Losses Fair Value
Unrealized
Losses Total
Fair Value
June 30, 2013
U.S. government and agency securities $ 2,208 $ (84) $ 0 $ 0 $ 2,208 $ (84)
Foreign government bonds 589 (18) 69 (23) 658 (41)
Mortgage-backed securities 357 (12) 39 (1) 396 (13)
Corporate notes and bonds 1,142 (38) 27 (2) 1,169 (40)
Municipal securities 44 (1) 0 0 44 (1)
Common and preferred stock 1,166 (168) 409 (113) 1,575 (281)
Total $ 5,506 $ (321) $ 544 $ (139) $ 6,050 $ (460)
As of June 30, 2014, we did not hold any held-to-maturity investments that are in an unrealized loss position.
Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Unrealized losses
from domestic and international equities are due to market price movements. Management does not believe any
remaining unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence
as of June 30, 2014.
Debt Investment Maturities
(In millions) Cost Basis
Estimated
Fair Value
June 30, 2014
Due in one year or less $ 28,681 $ 28,719
Due after one year through five years 46,734 46,881
Due after five years through 10 years 2,910 2,987
Due after 10 years 1,464 1,538
Total (a) $ 79,789 $ 80,125
(a) Excludes held-to-maturity investments due October 31, 2023 with a cost basis and estimated fair value at June 30,
2014 of $1.5 billion and $1.7 billion, respectively.