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(a) These amounts represent the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement exists and fair value adjustments related to our own credit risk and counterparty credit risk.

The table below reconciles the total Net Fair Value of assets above to the balance sheet presentation of these same assets in Note 4 – Investments for June 30, 2011 and 2010.


(In millions)


June 30,	2011			2010

Net fair value of assets measured at fair value on a recurring basis	$	61,058		$	42,645
Cash		1,648			1,661
Common and preferred stock measured at fair value on a nonrecurring basis		334			216
Other investments measured at fair value on a nonrecurring basis		650			502
Less derivative assets classified as other current assets		(54	)		(544	)
Other		1			62

Recorded basis of investment components	$	63,637		$	44,542

Changes in Financial Instruments Measured at Level 3 Fair Value on a Recurring Basis

The following tables present the changes during the fiscal years 2011 and 2010 in our Level 3 financial instruments that are measured at fair value on a recurring basis. The majority of these instruments consist of investment securities classified as available-for-sale with changes in fair value included in OCI.


(In millions)	Corporate Notes and Bonds			Common and Preferred Stock		Derivative Assets		Total


Year Ended June 30, 2011

Balance, beginning of period	$	167		$	5	$	9	$	181
Total realized and unrealized gains (losses):
Included in other income (expense)		39			0		11		50
Included in other comprehensive income		(63	)		0		0		(63	)
Purchases, issuances and settlements		(85	)		0		0		(85	)

Balance, end of period	$	58		$	5	$	20	$	83

Change in unrealized gains (losses) included in other income (expense) related to assets held as of June 30, 2011	$	6		$	0	$	11	$	17


(In millions)	Corporate Notes and Bonds			Common and Preferred Stock		Derivative Assets		Total


Year Ended June 30, 2010

Balance, beginning of period	$	253		$	5	$	5	$	263
Total realized and unrealized gains (losses):
Included in other income (expense)		6			0		4		10
Included in other comprehensive income		(92	)		0		0		(92	)

Balance, end of period	$	167		$	5	$	9	$	181

Change in unrealized gains (losses) included in other income (expense) related to assets held as of June 30, 2010	$	6		$	0	$	4	$	10

Directory: investor -> reports
reports -> United States Securities and Exchange Commission Washington, D. C. 20549 form 10-K
reports -> Dear shareholders, customers, partners and colleagues
reports -> To our shareholders, customers, partners and employees
investor -> Microsoft Financial Analyst Meeting 2013 Engineer Leader Panel Moderator: Tami Reller Julie Larson-Green, Kirill Tatarinov, Qi Lu, Satya Nadella, Terry Myerson Bellevue, Washington September 19, 2013 chris suh

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