Fair Value of Financial Assets and Liabilities and Investments in Non-Affiliated Entities

6 Months Ended

Jul. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities and Investments in Non-Affiliated Entities

Fair Value of Financial Assets and Liabilities and Investments in Non-Affiliated Entities

The fair values of our financial assets and liabilities are determined using quoted market prices of identical assets or market prices of similar assets from active markets. We review fair value classification on a quarterly basis.

	Pricing Category	Fair Value at
		Jul 28, 2024		Jan 28, 2024
		(In millions)
Assets
Cash equivalents and marketable securities:
Money market funds	Level 1	$	5,252	$	3,031
Publicly-held equity securities	Level 1	$	419	$	—
Debt securities issued by the U.S. Treasury	Level 2	$	14,083	$	9,524
Corporate debt securities	Level 2	$	12,024	$	10,152
Debt securities issued by U.S. government agencies	Level 2	$	2,466	$	2,333
Certificates of deposit	Level 2	$	141	$	510
Foreign government bonds	Level 2	$	—	$	174
Other assets (Investments in non-affiliated entities):
Publicly-held equity securities	Level 1	$	—	$	225
Liabilities (1)
0.584% Notes Due 2024	Level 2	$	—	$	1,228
3.20% Notes Due 2026	Level 2	$	973	$	970
1.55% Notes Due 2028	Level 2	$	1,126	$	1,115
2.85% Notes Due 2030	Level 2	$	1,380	$	1,367
2.00% Notes Due 2031	Level 2	$	1,068	$	1,057
3.50% Notes Due 2040	Level 2	$	839	$	851
3.50% Notes Due 2050	Level 2	$	1,559	$	1,604
3.70% Notes Due 2060	Level 2	$	386	$	403

(1)    These liabilities are carried on our Condensed Consolidated Balance Sheets at their original issuance value, net of unamortized debt discount and issuance costs.

Investments in Non-Affiliated Entities

Our investments in non-affiliated entities include non-marketable equity securities, which are primarily investments in privately held companies. In the second quarter of fiscal year 2025, publicly-held equity securities from investments in non-affiliated entities were classified in marketable securities on our Condensed Consolidated Balance Sheets.

Our non-marketable equity securities are recorded in long-term other assets on our Condensed Consolidated Balance Sheets and valued under the measurement alternative. Gains and losses on these investments, realized and unrealized, are recognized in Other income and expense, net on our Condensed Consolidated Statements of Income.

Adjustments to the carrying value of our non-marketable equity securities during the second quarter and first half of fiscal years 2025 and 2024 were as follows:

	Three Months Ended				Six Months Ended
	Jul 28, 2024		Jul 30, 2023		Jul 28, 2024		Jul 30, 2023
	(In millions)
Balance at beginning of period	$	1,463	$	496	$	1,321	$	288
Adjustments related to non-marketable equity securities:
Net additions	294		181		421		402
Unrealized gains	77		—		92		—
Impairments and unrealized losses	(15)		(1)		(15)		(14)
Balance at end of period	$	1,819	$	676	$	1,819	$	676

Non-marketable equity securities had cumulative gross unrealized gains of $362 million and cumulative gross losses and impairments of $60 million as of July 28, 2024.