The Company invests in short-term and long-term investments, which consist primarily of marketable debt and equity securities. The carrying amounts of cash and cash equivalents approximate fair value due to their short maturities.

Information regarding the Company's short-term and long-term investments at April 27, 2012 is as follows:

			Unrealized		Unrealized
(in millions)	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Corporate debt securities	$	3,501	$	47	$	(7)	$	3,541
Auction rate securities		153		-		(26)		127
Mortgage-backed securities		840		9		(10)		839
U.S. government and agency securities		3,046		38		-		3,084
Foreign government and agency securities		67		-		-		67
Certificates of deposit		47		-		-		47
Other asset-backed securities		535		3		(1)		537
Marketable equity securities		100		158		(5)		253
Trading securities:
Exchange-traded funds		45		2		(1)		46
Cost method, equity method, and other investments		508		-		-		508
Total short-term and long-term investments	$	8,842	$	257	$	(50)	$	9,049

Information regarding the Company's short-term and long-term investments at April 29, 2011 is as follows:

			Unrealized		Unrealized
(in millions)	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Corporate debt securities	$	1,947	$	20	$	(6)	$	1,961
Auction rate securities		167		-		(34)		133
Mortgage-backed securities		783		10		(8)		785
U.S. government and agency securities		2,731		26		(1)		2,756
Foreign government and agency securities		130		1		-		131
Certificates of deposit		119		-		-		119
Other asset-backed securities		351		1		(3)		349
Marketable equity securities		73		164		-		237
Trading securities:
Exchange-traded funds		33		6		-		39
Cost method, equity method, and other investments		652		-		-		652
Total short-term and long-term investments	$	6,986	$	228	$	(52)	$	7,162

Information regarding the Company's available-for-sale and trading securities at April 27, 2012 and April 29, 2011 is as follows:

	April 27, 2012				April 29, 2011
(in millions)	Short-term		Long-term		Short-term		Long-term
Available-for-sale securities	$	1,344	$	7,151	$	1,046	$	5,425
Trading securities		-		46		-		39
Total	$	1,344	$	7,197	$	1,046	$	5,464

The following tables show the gross unrealized losses and fair values of the Company's available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary for less than 12 months and for more than 12 months, aggregated by investment category as of April 27, 2012 and April 29, 2011:

	April 27, 2012
		Less than 12 months			More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	664	$	(4)	$	16	$	(3)
Auction rate securities		-		-		127		(26)
Mortgage-backed securities		218		(2)		57		(8)
Other asset-backed securities		55		-		9		(1)
Marketable equity securities		24		(5)		-		-
Total	$	961	$	(11)	$	209	$	(38)

	April 29, 2011
		Less than 12 months			More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	256	$	(1)	$	16	$	(5)
Auction rate securities		-		-		133		(34)
Mortgage-backed securities		161		(1)		67		(7)
U.S. government and agency securities		267		(1)		-		-
Other asset-backed securities		74		(1)		12		(2)
Total	$	758	$	(4)	$	228	$	(48)

At April 27, 2012, the Company concluded that the unrealized losses associated with the available-for-sale securities detailed above were not other-than-temporary as the Company does not have the intent to sell, nor is it more likely than not that the Company will be required to sell, before recovery of the amortized cost.

Activity related to the Company’s short-term and long-term investment portfolio is as follows:

	Fiscal Year
	2012				2011				2010
(in millions)	Debt (a)		Equity (b) (c)		Debt (a)		Equity (b) (d)		Debt (a)		Equity (b)
Proceeds from sales	$	6,062	$	113	$	6,443	$	31	$	3,791	$	27
Gross realized gains	$	52	$	93	$	28	$	85	$	44	$	10
Gross realized losses	$	(16)	$	-	$	(15)	$	-	$	(6)	$	-
Impairment losses recognized	$	(2)	$	(10)	$	(5)	$	(24)	$	(14)	$	(40)

(a) Includes available-for-sale debt securities.
(b) Includes marketable equity securities, cost method, equity method, exchange-traded funds, and other investments.
(c) As a result of the Salient and PEAK acquisitions that occurred during fiscal year 2012, the Company recognized a non-cash gain of $38 million on its previously-held minority investments.
(d) As a result of the Ardian acquisition that occurred during fiscal year 2011, the Company recognized a non-cash gain of $85 million on its previously-held minority investment.

The total other-than-temporary impairment losses on available-for-sale debt securities for the fiscal years ended April 27, 2012 and April 29, 2011 were $6 million and $18 million, respectively, of which $4 million and $13 million, respectively, were recognized in other comprehensive income and $2 million and $5 million, respectively, were recognized in earnings. These charges relate to credit losses on certain mortgage-backed securities and auction rate securities. The amount of credit losses represents the difference between the present value of cash flows expected to be collected on these securities and the amortized cost. Based on the Company's assessment of the credit quality of the underlying collateral and credit support available to each of the remaining securities in which invested, the Company believes it has recorded all necessary other-than-temporary impairments as the Company does not have the intent to sell, nor is it more likely than not that the Company will be required to sell, before recovery of the amortized cost.

The following table shows the credit loss portion of other-than-temporary impairments on debt securities held by the Company as of the dates indicated and the corresponding changes in such amounts:


(in millions)
Balance as of April 30, 2010	$	17
Credit losses recognized on securities previously not impaired		2
Additional credit losses recognized on securities previously impaired		3
Reductions for securities sold during the period		-2
Balance as of April 29, 2011		20
Credit losses recognized on securities previously not impaired		1
Additional credit losses recognized on securities previously impaired		1
Reductions for securities sold during the period		-2
Balance as of April 27, 2012	$	20

The April 27, 2012 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows, assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

(in millions)	April 27, 2012
Due in one year or less	$	1,940
Due after one year through five years		5,374
Due after five years through ten years		796
Due after ten years		132
Total debt securities	$	8,242

As of April 27, 2012 and April 29, 2011, the aggregate carrying amount of equity and other securities without a quoted market price and accounted for using the cost or equity method was $508 million and $652 million, respectively. The total carrying value of these investments is reviewed quarterly for changes in circumstance or the occurrence of events that suggest the Company's investment may not be recoverable. The fair value of cost or equity method investments is not adjusted if there are no identified events or changes in circumstances that may have a material adverse effect on the fair value of the investment. During fiscal year 2012, in accordance with authoritative guidance, the Company transferred investments in a public company accounted for as a cost method investment with a cost basis of $46 million to available-for-sale marketable equity securities, due to restrictions on the investment being within one year of lapsing. The April 27, 2012 cost method, equity method, and other investments balance includes $132 million of investments in a public company with trading restrictions through December 31, 2013. These investments will be reclassified to available-for-sale marketable equity securities when the restriction is within one year of the restriction lapsing.

Gains and losses realized on trading securities and available-for-sale debt securities are recorded in interest expense, net in the consolidated statements of earnings. Gains and losses realized on marketable equity securities, cost method, equity method, and other investments are recorded in other expense, net in the consolidated statements of earnings. In addition, unrealized gains and losses on available-for-sale debt securities are recorded in accumulated other comprehensive loss in the consolidated balance sheets and unrealized gains and losses on trading securities are recorded in interest expense, net in the consolidated statements of earnings. Gains and losses from the sale of investments are calculated based on the specific identification method.