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NOTES TO FINANCIAL STATEMENTS |
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NOTE 4 INVESTMENT INCOME AND OTHER
The components of investment income and other were as follows:
(In millions) |
|
Year Ended June 30 |
2006) |
![spacer](../images/spacer.gif) |
2005) |
![spacer](../images/spacer.gif) |
2004) |
|
Dividends and interest |
$1,510) |
|
$1,460) |
|
$1,892) |
Net gains on investments |
161) |
|
856) |
|
1,563) |
Net losses on derivatives |
(99) |
|
(262) |
|
(268) |
Income/(losses) from equity investees and other |
218) |
|
13) |
|
(25) |
Investment income and other |
$1,790) |
|
$2,067) |
|
$3,162) |
Net gains on investments include other-than-temporary impairments of $408 million in fiscal year 2006, $152 million in fiscal year 2005, and $82 million in fiscal year 2004. The increase in other-than-temporary impairments in fiscal year 2006 was driven by planned sales of certain investments in an unrealized loss position in order to raise funds for the $20 billion tender offer announced on July 20, 2006. Realized gains and (losses) from sales of available-for-sale securities (excluding other-than-temporary impairments) were $1.11 billion and $(531) million in fiscal year 2006, $1.38 billion and $(376) million in fiscal year 2005, and $2.16 billion and $(518) million in fiscal year 2004.
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