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Investments
 6 Months Ended
Jan. 28, 2017
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments
(a)
Summary of Available-for-Sale Investments
The following tables summarize the Company’s available-for-sale investments (in millions):
January 28, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed income securities:
 
 
 
 
 
 
 
U.S. government securities
$
22,910

 
$
4

 
$
(82
)
 
$
22,832

U.S. government agency securities
2,401

 
1

 
(5
)
 
2,397

Non-U.S. government and agency securities
1,211

 
—

 
(6
)
 
1,205

Corporate debt securities
30,878

 
85

 
(265
)
 
30,698

U.S. agency mortgage-backed securities
2,031

 
2

 
(27
)
 
2,006

Commercial paper
195

 
—

 
—

 
195

Total fixed income securities
59,626

 
92

 
(385
)
 
59,333

Publicly traded equity securities
1,225

 
463

 
(74
)
 
1,614

Total (1)
$
60,851

 
$
555

 
$
(459
)
 
$
60,947


July 30, 2016
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed income securities:
 
 
 
 
 
 
 
U.S. government securities
$
26,473

 
$
73

 
$
(2
)
 
$
26,544

U.S. government agency securities
2,809

 
8

 
—

 
2,817

Non-U.S. government and agency securities
1,096

 
4

 
—

 
1,100

Corporate debt securities
24,044

 
263

 
(15
)
 
24,292

U.S. agency mortgage-backed securities
1,846

 
22

 
—

 
1,868

Total fixed income securities
56,268

 
370

 
(17
)
 
56,621

Publicly traded equity securities
1,211

 
333

 
(40
)
 
1,504

Total (1)
$
57,479

 
$
703

 
$
(57
)
 
$
58,125

(1) Includes investments that were pending settlement as of the respective fiscal years. The net unsettled investment purchases were $6 million and $654 million as of January 28, 2017 and July 30, 2016, respectively.
Non-U.S. government and agency securities include agency and corporate debt securities that are guaranteed by non-U.S. governments.
(b)
Gains and Losses on Available-for-Sale Investments
The following table presents the gross realized gains and gross realized losses related to the Company’s available-for-sale investments (in millions):
 
Three Months Ended
 
Six Months Ended
 
January 28, 2017
 
January 23, 2016
 
January 28, 2017
 
January 23, 2016
Gross realized gains
$
18

 
$
16

 
$
48

 
$
51

Gross realized losses
(48
)
 
(35
)
 
(63
)
 
(71
)
Total
$
(30
)
 
$
(19
)
 
$
(15
)
 
$
(20
)



The following table presents the realized net gains (losses) related to the Company’s available-for-sale investments by security type (in millions):
 
Three Months Ended
 
Six Months Ended
 
January 28, 2017
 
January 23, 2016
 
January 28, 2017
 
January 23, 2016
Net gains (losses) on investments in publicly traded equity securities
$
4

 
$
2

 
$
9

 
$
(7
)
Net gains (losses) on investments in fixed income securities
(34
)
 
(21
)
 
(24
)
 
(13
)
Total
$
(30
)
 
$
(19
)
 
$
(15
)
 
$
(20
)

The following tables present the breakdown of the available-for-sale investments with gross unrealized losses and the duration that those losses had been unrealized at January 28, 2017 and July 30, 2016 (in millions):
 
UNREALIZED LOSSES
LESS THAN 12 MONTHS
 
UNREALIZED LOSSES
12 MONTHS OR GREATER
 
TOTAL
January 28, 2017
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross 
Unrealized 
Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government securities 
$
16,303

 
$
(82
)
 
$
16

 
$
—

 
$
16,319

 
$
(82
)
U.S. government agency securities
1,430

 
(5
)
 
—

 
—

 
1,430

 
(5
)
Non-U.S. government and agency securities
1,107

 
(6
)
 
6

 
—

 
1,113

 
(6
)
Corporate debt securities
15,180

 
(264
)
 
325

 
(1
)
 
15,505

 
(265
)
U.S. agency mortgage-backed securities
1,780

 
(27
)
 
—

 
—

 
1,780

 
(27
)
Total fixed income securities
35,800

 
(384
)

347


(1
)

36,147


(385
)
Publicly traded equity securities
63

 
(6
)
 
94

 
(68
)
 
157

 
(74
)
Total
$
35,863

 
$
(390
)
 
$
441

 
$
(69
)
 
$
36,304

 
$
(459
)
 
UNREALIZED LOSSES
LESS THAN 12 MONTHS
 
UNREALIZED LOSSES
12 MONTHS OR GREATER
 
TOTAL
July 30, 2016
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross 
Unrealized 
Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government securities 
$
2,414

 
$
(2
)
 
$
—

 
$
—

 
$
2,414

 
$
(2
)
U.S. government agency securities
144

 
—

 
—

 
—

 
144

 
—

Non-U.S. government and agency securities
61

 
—

 
—

 
—

 
61

 
—

Corporate debt securities
2,499

 
(7
)
 
1,208

 
(8
)
 
3,707

 
(15
)
U.S. agency mortgage-backed securities
174

 
—

 
—

 
—

 
174

 
—

Total fixed income securities
5,292

 
(9
)
 
1,208

 
(8
)
 
6,500

 
(17
)
Publicly traded equity securities
188

 
(40
)
 
—

 
—

 
188

 
(40
)
Total
$
5,480

 
$
(49
)
 
$
1,208

 
$
(8
)
 
$
6,688

 
$
(57
)

As of January 28, 2017, for fixed income securities that were in unrealized loss positions, the Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of January 28, 2017, the Company anticipates that it will recover the entire amortized cost basis of such fixed income securities and has determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the six months ended January 28, 2017.
The Company has evaluated its publicly traded equity securities as of January 28, 2017 and has determined that there were no other-than-temporary impairments in the respective categories of unrealized losses. This determination was based on several factors, which include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the publicly traded equity securities for a period of time sufficient to allow for any anticipated recovery in market value.
(c)
Maturities of Fixed Income Securities
The following table summarizes the maturities of the Company’s fixed income securities as of January 28, 2017 (in millions): 
 
Amortized Cost
 
Fair Value
Less than 1 year
$
12,678

 
$
12,681

Due in 1 to 2 years
16,678

 
16,667

Due in 2 to 5 years
24,535

 
24,407

Due after 5 years
3,704

 
3,572

Mortgage-backed securities with no single maturity
2,031

 
2,006

Total
$
59,626

 
$
59,333


Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
(d)
Securities Lending
The Company periodically engages in securities lending activities with certain of its available for sale investments. These transactions are accounted for as a secured lending of the securities, and the securities are typically loaned only on an overnight basis. The average daily balance of securities lending for the six months ended January 28, 2017 and January 23, 2016 was $1.5 billion and $0.6 billion, respectively. The Company requires collateral equal to at least 102% of the fair market value of the loaned security and that the collateral be in the form of cash or liquid, high-quality assets. The Company engages in these secured lending transactions only with highly creditworthy counterparties, and the associated portfolio custodian has agreed to indemnify the Company against collateral losses. The Company did not experience any losses in connection with the secured lending of securities during the periods presented. As of January 28, 2017 and July 30, 2016, the Company had no outstanding securities lending transactions.
(e)
Investments in Privately Held Companies
The carrying value of the Company’s investments in privately held companies was included in other assets. For such investments that were accounted for under the equity and cost method as of January 28, 2017 and July 30, 2016, the amounts are summarized in the following table (in millions):
 
January 28, 2017
 
July 30, 2016
Equity method investments
$
176

 
$
174

Cost method investments
831

 
829

Total
$
1,007

 
$
1,003


For additional information on impairment charges related to investments in privately held companies, see Note 9.
Variable Interest Entities In the ordinary course of business, the Company has investments in privately held companies and provides financing to certain customers. These privately held companies and customers may be considered to be variable interest entities. The Company evaluates on an ongoing basis its investments in these privately held companies and its customer financings, and has determined that as of January 28, 2017, except as disclosed in Note 1, there were no significant variable interest entities required to be consolidated in the Company’s Consolidated Financial Statements.
As discussed in Note 2, during the first quarter of fiscal 2017, the Company adopted a new accounting standard update related to the consolidation of certain types of legal entities. As of January 28, 2017, the carrying value of the Company's investments in privately held companies was $1,007 million, of which $580 million of such investments are considered to be in variable interest entities which are unconsolidated. In addition, the Company has additional funding commitments of $182 million related to these investments, some of which are based on the achievement of certain agreed-upon milestones, and some of which are required to be funded on demand. The carrying value of these investments and the additional funding commitments collectively represent the Company's maximum exposure related to these variable interest entities.