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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 1, 2021
or

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                 
Commission File Number 000-06920
Applied Materials, Inc.
(Exact name of registrant as specified in its charter) 
Delaware94-1655526
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
3050 Bowers Avenue
P.O. Box 58039
Santa Clara, California 95052-8039
(Address of principal executive offices)

(408727-5555
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $.01 per shareAMATThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes          No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes          No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes          No  
Number of shares outstanding of the issuer’s common stock as of August 1, 2021: 902,928,500




Table of Contents
APPLIED MATERIALS, INC.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED AUGUST 1, 2021
TABLE OF CONTENTS
 
  Page
PART I. FINANCIAL INFORMATION
Item 1:
Item 2:
Item 3:
Item 4:
PART II. OTHER INFORMATION
Item 1:
Item 1A:
Item 2:
Item 3:
Item 4:
Item 5:
Item 6:



Table of Contents
PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Three Months EndedNine Months Ended
August 1,
2021
July 26,
2020
August 1,
2021
July 26,
2020
(Unaudited)
Net sales$6,196 $4,395 $16,940 $12,514 
Cost of products sold3,229 2,440 8,971 6,952 
Gross profit2,967 1,955 7,969 5,562 
Operating expenses:
Research, development and engineering640 572 1,863 1,674 
Marketing and selling159 130 454 395 
General and administrative155 145 465 411 
Severance and related charges  158  
Deal termination fee  154  
Total operating expenses954 847 3,094 2,480 
Income from operations2,013 1,108 4,875 3,082 
Interest expense57 61 179 181 
Interest and other income, net24 (7)69 22 
Income before income taxes1,980 1,040 4,765 2,923 
Provision for income taxes264 199 589 435 
Net income$1,716 $841 $4,176 $2,488 
Earnings per share:
Basic$1.89 $0.92 $4.57 $2.71 
Diluted$1.87 $0.91 $4.52 $2.69 
Weighted average number of shares:
Basic908 915 914 916 
Diluted918 922 923 924 
See accompanying Notes to Consolidated Condensed Financial Statements.
3

Table of Contents

APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Three Months EndedNine Months Ended
August 1,
2021
July 26,
2020
August 1,
2021
July 26,
2020
(Unaudited)
Net income$1,716 $841 $4,176 $2,488 
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) on available-for-sale investments(1)12 (11)13 
Change in unrealized net loss on derivative instruments(1)26 18 (110)
Other comprehensive income (loss), net of tax(2)38 7 (97)
Comprehensive income$1,714 $879 $4,183 $2,391 
See accompanying Notes to Consolidated Condensed Financial Statements.
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APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
August 1,
2021
October 25,
2020
 
ASSETS
Current assets:
Cash and cash equivalents$6,066 $5,351 
Short-term investments444 387 
Accounts receivable, net3,822 2,963 
Inventories4,117 3,904 
Other current assets799 764 
Total current assets15,248 13,369 
Long-term investments1,658 1,538 
Property, plant and equipment, net1,814 1,604 
Goodwill3,479 3,466 
Purchased technology and other intangible assets, net116 153 
Deferred income taxes and other assets2,164 2,223 
Total assets$24,479 $22,353 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$3,437 $3,138 
Contract liabilities1,688 1,321 
Total current liabilities5,125 4,459 
Long-term debt5,451 5,448 
Income taxes payable1,144 1,206 
Other liabilities699 662 
Total liabilities12,419 11,775 
Stockholders’ equity:
Common stock9 9 
Additional paid-in capital8,090 7,904 
Retained earnings30,748 27,209 
Treasury stock(26,495)(24,245)
Accumulated other comprehensive loss(292)(299)
Total stockholders’ equity12,060 10,578 
Total liabilities and stockholders’ equity$24,479 $22,353 
Amounts as of August 1, 2021 are unaudited. Amounts as of October 25, 2020 are derived from the October 25, 2020 audited consolidated financial statements.
See accompanying Notes to Consolidated Condensed Financial Statements.
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APPLIED MATERIALS, INC
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions)
Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Three Months Ended August 1, 2021SharesAmountSharesAmount
(Unaudited)
Balance as of May 2, 2021914 $9 $8,022 $29,247 1,097 $(24,995)$(290)$11,993 
Net income— — — 1,716 — — — 1,716 
Other comprehensive income (loss), net of tax— — — — — — (2)(2)
Dividends declared ($0.24 per common share)
— — — (215)— — — (215)
Share-based compensation— — 81 — — — — 81 
Issuance under stock plans— — (13)— — — — (13)
Common stock repurchases(11)— — — 11 (1,500)— (1,500)
Balance as of August 1, 2021903 $9 $8,090 $30,748 1,108 $(26,495)$(292)$12,060 
Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Nine Months Ended August 1, 2021SharesAmountSharesAmount
(Unaudited)
Balance as of October 25, 2020914 $9 $7,904 $27,209 1,091 $(24,245)$(299)$10,578 
Net income— — — 4,176 — — — 4,176 
Other comprehensive income (loss), net of tax— — — — — — 7 7 
Dividends declared ($0.70 per common share)
— — — (637)— — — (637)
Share-based compensation— — 272 — — — — 272 
Issuance under stock plans6 — (86)— — — — (86)
Common stock repurchases(17)— — — 17 (2,250)— (2,250)
Balance as of August 1, 2021903 $9 $8,090 $30,748 1,108 $(26,495)$(292)$12,060 


































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APPLIED MATERIALS, INC
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Continued)
(In millions)

Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Three Months Ended July 26, 2020SharesAmountSharesAmount
(Unaudited)
Balance as of April 26, 2020917 $9 $7,687 $25,638 1,086 $(23,995)$(315)$9,024 
Net income— — — 841 — — — 841 
Other comprehensive income (loss), net of tax— — — — — — 38 38 
Dividends declared ($0.22 per common share)
— — — (201)— — — (201)
Share-based compensation— — 70 — — — — 70 
Issuance under stock plans— — (3)— — — — (3)
Common stock repurchases(4)— — — 4 (200)— (200)
Balance as of July 26, 2020913 $9 $7,754 $26,278 1,090 $(24,195)$(277)$9,569 

Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Nine Months Ended July 26, 2020SharesAmountSharesAmount
(Unaudited)
Balance as of October 27, 2019916 $9 $7,595 $24,386 1,079 $(23,596)$(180)$8,214 
Net income— — — 2,488 — — — 2,488 
Other comprehensive income (loss), net of tax— — — — — — (97)(97)
Dividends declared ($0.65 per common share)
— — — (596)— — — (596)
Share-based compensation— — 234 — — — — 234 
Issuance under stock plans8 — (75)— — — — (75)
Common stock repurchases(11)— — — 11 (599)— (599)
Balance as of July 26, 2020913 $9 $7,754 $26,278 1,090 $(24,195)$(277)$9,569 

See accompanying Notes to Consolidated Condensed Financial Statements.


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APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
Nine Months Ended
August 1, 2021July 26, 2020
(Unaudited)
Cash flows from operating activities:
Net income$4,176 $2,488 
Adjustments required to reconcile net income to cash provided by operating activities:
Depreciation and amortization289 279 
Severance and related charges149  
Share-based compensation272 234 
Deferred income taxes44 98 
Other(30)55 
Changes in operating assets and liabilities:
Accounts receivable(858)(271)
Inventories(213)(469)
Other current and non-current assets(15)(143)
Accounts payable and accrued expenses154 243 
Contract liabilities367 53 
Income taxes payable(72)(123)
Other liabilities31 45 
Cash provided by operating activities4,294 2,489 
Cash flows from investing activities:
Capital expenditures(462)(260)
Cash paid for acquisitions, net of cash acquired(12)(107)
Proceeds from sales and maturities of investments1,024 1,388 
Purchases of investments(1,179)(1,010)
Cash provided by (used in) investing activities(629)11 
Cash flows from financing activities:
Debt borrowings, net of issuance costs 2,979 
Debt repayments (2,882)
Proceeds from common stock issuances 86 91 
Common stock repurchases(2,250)(599)
Tax withholding payments for vested equity awards(171)(166)
Payments of dividends to stockholders(622)(587)
Cash used in financing activities(2,957)(1,164)
Increase in cash, cash equivalents and restricted cash equivalents708 1,336 
Cash, cash equivalents and restricted cash equivalents — beginning of period5,466 3,129 
Cash, cash equivalents and restricted cash equivalents — end of period$6,174 $4,465 
Reconciliation of cash, cash equivalents, and restricted cash equivalents
Cash and cash equivalents$6,066 $4,350 
Restricted cash equivalents included in deferred income taxes and other assets108 115 
Total cash, cash equivalents, and restricted cash equivalents$6,174 $4,465 
Supplemental cash flow information:
Cash payments for income taxes$641 $519 
Cash refunds from income taxes$26 $5 
Cash payments for interest$137 $151 
See accompanying Notes to Consolidated Condensed Financial Statements.
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APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Note 1    Basis of Presentation
Basis of Presentation
In the opinion of management, the unaudited interim consolidated condensed financial statements of Applied Materials, Inc. and its subsidiaries (Applied or the Company) included herein have been prepared on a basis consistent with the October 25, 2020 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. These unaudited interim consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Applied’s Annual Report on Form 10-K for the fiscal year ended October 25, 2020 (2020 Form 10-K). Applied’s results of operations for the three and nine months ended August 1, 2021 are not necessarily indicative of future operating results. Applied’s fiscal year ends on the last Sunday in October of each year. Fiscal 2021 and 2020 contain 53 weeks and 52 weeks, respectively, and the first nine months of fiscal 2021 and 2020 contained 40 and 39 weeks, respectively.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, Applied evaluates its estimates, including those related to standalone selling price (SSP) related to revenue recognition, accounts receivable and sales allowances, fair values of financial instruments, inventories, intangible assets and goodwill, useful lives of intangible assets and property and equipment, fair values of share-based awards, and income taxes, among others. Applied bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
As of August 1, 2021, the COVID-19 pandemic and worldwide response remains fluid. As a result, many of Applied’s estimates and assumptions are subject to increased judgment and volatility. These estimates may differ materially in future periods as the pandemic continues to evolve and additional information becomes available.
Revenue Recognition from Contracts with Customers
Applied recognizes revenue when promised goods or services are transferred to a customer in an amount that reflects the consideration to which Applied expects to be entitled in exchange for those goods or services. Applied determines revenue recognition through the following five steps; (1) identification of the contract(s) with customers, (2) identification of the performance obligations in the contract, (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations in the contract, and (5) recognition of revenue when, or as, a performance obligation is satisfied.
Identifying the contract(s) with customers. Applied sells manufacturing equipment, services, and spare parts directly to its customers in the semiconductor, display, and related industries. The Company generally considers written documentation including, but not limited to, signed purchase orders, master agreements, and sales orders as contracts provided that collection is probable. Collectability is assessed based on the customer’s creditworthiness determined by reviewing the customer’s published credit and financial information, historical payment experience, as well as other relevant factors.
Identifying the performance obligations. Applied’s performance obligations include delivery of manufacturing equipment, service agreements, spare parts, installation, extended warranty and training. Applied’s service agreements are considered one performance obligation and may include multiple goods and services that Applied provides to the customer to deliver against a performance metric. Judgment is used to determine whether multiple promised goods or services in a contract should be accounted for separately or as a group.
Determine the transaction price. The transaction price for Applied’s contracts with customers may include fixed and variable consideration. Applied includes variable consideration in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
Allocate the transaction price to the performance obligations. A contract’s transaction price is allocated to each distinct performance obligation identified within the contract. Applied generally estimates the standalone selling price of a distinct performance obligation based on historical cost plus an appropriate margin. For contracts with multiple performance obligations, Applied allocates the contract’s transaction price to each performance obligation using the relative standalone selling price of each distinct good or service in the contract.
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APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)


Recognizing the revenue as performance obligations are satisfied. Applied recognizes revenue from equipment and spares parts at a point in time when Applied has satisfied its performance obligation by transferring control of the goods to the customer which typically occurs at shipment or delivery. Revenue from service agreements is recognized over time, typically within 12 months, as customers receive the benefits of services.
The incremental costs to obtain a contract are not material.
Payment Terms. Payment terms vary by contract. Generally, the majority of payments are due within a certain number of days from shipment of goods or performance of service. The remainder is typically due upon customer technical acceptance. Applied typically receives deposits on future deliverables from customers in the Display and Adjacent Markets segment and, in certain instances, may also receive deposits from customers in the Applied Global Services segment. Applied’s payment terms do not generally contain a significant financing component.
Recent Accounting Pronouncements
Accounting Standards Adopted
Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit and other Postretirement Plans. In August 2018, the Financial Accounting Standard Board (FASB) issued authoritative guidance that adds, removes, and clarifies disclosure requirements for defined benefit and other postretirement plans. Applied adopted this guidance in the first quarter of fiscal 2021 under the retrospective basis. The adoption of this guidance did not have a significant impact on Applied’s defined benefit and other postretirement disclosures.
Goodwill Impairment. In January 2017, the FASB issued authoritative guidance that simplifies the process required to test goodwill for impairment. Applied adopted this guidance in the first quarter of fiscal 2021. The adoption of this guidance did not have a significant impact on Applied’s consolidated condensed financial statements.
Financial Instruments: Credit Losses. In June 2016, the FASB issued authoritative guidance that modifies the impairment model for certain financial assets by requiring use of an expected loss methodology, which will result in more timely recognition of credit losses. Applied adopted this guidance in the first quarter of fiscal 2021 under the modified retrospective basis. The adoption of this guidance did not have a significant impact on Applied’s consolidated condensed financial statements.
Accounting Standards Not Yet Adopted
Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued an accounting standard update to simplify the accounting for income taxes (Topic 740). This amendment removes certain exceptions and improves consistent application of accounting principles for certain areas in Topic 740. This authoritative guidance will be effective for Applied in the first quarter of fiscal 2022, with early adoption permitted. Applied is currently evaluating the effect of this new guidance on Applied’s consolidated financial statements.

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APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)


Note 2      Earnings Per Share
Basic earnings per share is determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of restricted stock units and employee stock purchase plan shares) outstanding during the period. Applied’s net income has not been adjusted for any period presented for purposes of computing basic or diluted earnings per share due to the Company’s non-complex capital structure.
 
Three Months EndedNine Months Ended
August 1,
2021
July 26,
2020
August 1,
2021
July 26,
2020
 (In millions, except per share amounts)
Numerator:
Net income $1,716 $841 $4,176 $2,488 
Denominator:
Weighted average common shares outstanding908 915 914 916 
Effect of weighted dilutive restricted stock units and employee stock purchase plan shares10 7 9 8 
Denominator for diluted earnings per share918 922 923 924 
Basic earnings per share$1.89 $0.92 $4.57 $2.71 
Diluted earnings per share$1.87 $0.91 $4.52 $2.69 
Potentially weighted dilutive securities    
Potentially weighted dilutive securities attributable to outstanding restricted stock units are excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value are greater than the average market price of Applied common stock, and therefore their inclusion would be anti-dilutive.
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APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)


Note 3      Cash, Cash Equivalents and Investments
Summary of Cash, Cash Equivalents and Investments
The following tables summarize Applied’s cash, cash equivalents and investments by security type:
 
August 1, 2021CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (In millions)
Cash$1,236 $— $— $1,236 
Cash equivalents:
Money market funds4,796 — — 4,796 
U.S. Treasury and agency securities12 — — 12 
Municipal securities10 — — 10 
Commercial paper, corporate bonds and medium-term notes12 — — 12 
Total Cash equivalents4,830 — — 4,830 
Total Cash and Cash equivalents$6,066 $— $— $6,066 
Short-term and long-term investments:
U.S. Treasury and agency securities$347 $1 $ $348 
Non-U.S. government securities*6   6 
Municipal securities352 5  357 
Commercial paper, corporate bonds and medium-term notes580 3  583 
Asset-backed and mortgage-backed securities532 5  537 
Total fixed income securities1,817 14  1,831 
Publicly traded equity securities19 44 2 61 
Equity investments in privately-held companies153 71 14 210 
Total equity investments172 115 16 271 
Total short-term and long-term investments$1,989 $129 $16 $2,102 
Total Cash, Cash equivalents and Investments$8,055 $129 $16 $8,168 
_________________________
*Includes Canadian provincial government debt
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APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)


October 25, 2020CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (In millions)
Cash$1,136 $— $— $1,136 
Cash equivalents:
Money market funds4,209 — — 4,209 
Municipal securities6 — — 6 
Total Cash equivalents4,215 — — 4,215 
Total Cash and Cash equivalents$5,351 $— $— $5,351 
Short-term and long-term investments:
U.S. Treasury and agency securities$394 $4 $ $398 
Municipal securities359 6  365 
Commercial paper, corporate bonds and medium-term notes492 8 1 499 
Asset-backed and mortgage-backed securities470 9  479 
Total fixed income securities1,715 27 1 1,741 
Publicly traded equity securities11 36 2 45 
Equity investments in privately-held companies121 25 7 139 
Total equity investments132 61 9 184 
Total short-term and long-term investments$1,847 $88 $10 $1,925 
Total Cash, Cash equivalents and Investments$7,198 $88 $10 $7,276 
 
 
Maturities of Investments
The following table summarizes the contractual maturities of Applied’s investments as of August 1, 2021:
 
CostEstimated
Fair Value
 (In millions)
Due in one year or less$394 $395 
Due after one through five years891 899 
No single maturity date**704 808 
Total$1,989 $2,102 
 _________________________
** Securities with no single maturity date include publicly-traded and privately-held equity securities and asset-backed and mortgage-backed securities. 

Gains and Losses on Investments
During the three and nine months ended August 1, 2021 and July 26, 2020 gross realized gains and losses on investments were not material.
As of August 1, 2021, and October 25, 2020, gross unrealized losses related to Applied’s debt investment portfolio were not material. Applied regularly reviews its debt investment portfolio to identify and evaluate investments that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include: the significance of the decline in value compared to the cost basis; the financial condition; credit quality and near-term prospects of the investee; and whether it is more likely than not that Applied will be required to sell the security prior to recovery. Credit losses related to available-for-sale debt securities are recorded as an allowance for credit losses through interest and other income, net. Any additional changes in fair value that are not related to credit losses are recognized in accumulated other comprehensive income.
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APPLIED MATERIALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - (Continued)


During the three and nine months ended August 1, 2021, with the adoption of credit losses authoritative guidance, Applied did not recognize significant credit losses and the ending allowance for credit losses was not material. Applied determined that the gross unrealized losses on its marketable fixed-income securities as of July 26, 2020 were temporary in nature and therefore it did not recognize any impairment of its marketable fixed-income securities during the three and nine months ended July 26, 2020. Impairment charges on equity investments in privately-held companies during the three and nine months ended August 1, 2021 and July 26, 2020 were not material. These impairment charges are included in interest and other income, net in the Consolidated Condensed Statement of Operations.
The components of gain (loss) on equity investments for the three and nine months ended August 1, 2021 and July 26, 2020 were as follows:
Three Months Ended