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Cash utilised in financing greater $1. billion to $9.7 billion, mainly owing to a $7.1 billion increase in cash utilised for frequent stock repurchases, offset in element by a $6.7 billion maximize in proceeds from issuances of financial debt, web of repayments. We count on money expenditures to maximize in coming years in assistance of our productivity and system strategy. In fiscal many years 2015 and 2014, our U.S. As of June 30, 2016, roughly 83% of the income equivalents and shorter-expression investments held by our international subsidiaries were being invested in U.S. U.S. dollars. The remaining funds equivalents and short-phrase investments held by our overseas subsidiaries were invested in foreign securities. 4% were being invested in company notes and bonds of U.S. This pricing methodology applies to our Level two investments this sort of as company notes and bonds, typical and preferred stock, international govt bonds, home finance loan- and asset-backed securities, U.S. We issued financial debt to consider gain of favorable pricing and liquidity in the debt marketplaces, reflecting our credit rating ranking and the reduced interest rate ecosystem. Our fixed-revenue investments are exposed to desire price risk and credit rating hazard

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The settlement hazard connected to these investments is insignificant given that the limited-term investments held are generally highly liquid investment-quality preset-revenue securities. The credit history hazard and regular maturity of our fixed-revenue portfolio are managed to obtain financial returns that correlate to particular preset-revenue indices. Assets and liabilities measured at fair benefit on a recurring basis utilizing unobservable inputs are an immaterial part of our portfolio. If quoted prices in active marketplaces for identical belongings or liabilities are not readily available to determine honest value, then we use quoted rates for equivalent belongings and liabilities or inputs other than the quoted selling prices that are observable possibly instantly or indirectly. These controls incorporate model validation, critique of key design inputs, examination of time period-over-time period fluctuations, and independent recalculation of rates where by proper. Our broker-priced investments are normally categorized as Level two investments mainly because the broker rates these investments dependent on equivalent belongings devoid of making use of considerable changes. In addition, all of our broker-priced investments have a sufficient amount of trading quantity to display that the truthful values employed are correct for these investments. This pricing methodology applies to our Level 1 investments, these types of as trade-traded mutual money, domestic and global equities, and U.S. Broker pricing is utilized mainly when a quoted price is not accessible, the expense is not priced by our pricing vendors, or when a broker selling price is much more reflective of good values in the marketplace in which the investment trades