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Available-for-Sale Debt Investments and Equity Investments (Tables)
 6 Months Ended
Jan. 26, 2019
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-sale Debt Investments and Equity Investments
The following table summarizes our available-for-sale debt investments and equity investments (in millions):
 
January 26, 2019
 
July 28, 2018
Available-for-sale debt investments
$
30,486

 
$
37,009

Marketable equity securities
62

 
605

Total investments
30,548

 
37,614

Non-marketable equity securities included in other assets (1)
1,133

 
978

Equity method investments included in other assets
115

 
118

Total
$
31,796

 
$
38,710
Summary of Available-for-Sale Investments
The following tables summarize our available-for-sale debt investments (in millions):
January 26, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. government securities
$
3,486

 
$
—

 
$
(14
)
 
$
3,472

U.S. government agency securities
356

 
—

 
(2
)
 
354

Non-U.S. government and agency securities
115

 
—

 
—

 
115

Corporate debt securities
25,103

 
16

 
(366
)
 
24,753

U.S. agency mortgage-backed securities
1,475

 
1

 
(42
)
 
1,434

Commercial paper
243

 
—

 
—

 
243

Certificates of deposit
115

 
—

 
—

 
115

Total (1)
$
30,893

 
$
17

 
$
(424
)
 
$
30,486


July 28, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. government securities
$
7,318

 
$
—

 
$
(43
)
 
$
7,275

U.S. government agency securities
732

 
—

 
(5
)
 
727

Non-U.S. government and agency securities
209

 
—

 
(1
)
 
208

Corporate debt securities
27,765

 
44

 
(445
)
 
27,364

U.S. agency mortgage-backed securities
1,488

 
—

 
(53
)
 
1,435

Total (1)
$
37,512

 
$
44

 
$
(547
)
 
$
37,009

(1) Net unsettled investment purchases were $4 million and net unsettled investment sales were $1.5 billion as of January 26, 2019 and July 28, 2018, respectively and were included in other current assets and other current liabilities.
Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
 
Three Months Ended
 
Six Months Ended
 
January 26, 2019
 
January 27, 2018
 
January 26, 2019
 
January 27, 2018
Gross realized gains
$
1

 
$
6

 
$
3

 
$
14

Gross realized losses
(6
)
 
(102
)
 
(14
)
 
(106
)
Total
$
(5
)
 
$
(96
)
 
$
(11
)
 
$
(92
)
Available-for-Sale Investments with Gross Unrealized Losses
The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at January 26, 2019 and July 28, 2018 (in millions):
 
UNREALIZED LOSSES
LESS THAN 12 MONTHS
 
UNREALIZED LOSSES
12 MONTHS OR GREATER
 
TOTAL
January 26, 2019
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross 
Unrealized 
Losses
U.S. government securities 
$
6

 
$
—

 
$
3,437

 
$
(14
)
 
$
3,443

 
$
(14
)
U.S. government agency securities
—

 
—

 
344

 
(2
)
 
344

 
(2
)
Non-U.S. government and agency securities
—

 
—

 
115

 
—

 
115

 
—

Corporate debt securities
5,849

 
(61
)
 
15,108

 
(305
)
 
20,957

 
(366
)
U.S. agency mortgage-backed securities
47

 
—

 
1,216

 
(42
)
 
1,263

 
(42
)
Total
$
5,902

 
$
(61
)
 
$
20,220

 
$
(363
)
 
$
26,122

 
$
(424
)
 
UNREALIZED LOSSES
LESS THAN 12 MONTHS
 
UNREALIZED LOSSES
12 MONTHS OR GREATER
 
TOTAL
July 28, 2018
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross 
Unrealized 
Losses
U.S. government securities 
$
2,966

 
$
(20
)
 
$
4,303

 
$
(23
)
 
$
7,269

 
$
(43
)
U.S. government agency securities
206

 
(2
)
 
521

 
(3
)
 
727

 
(5
)
Non-U.S. government and agency securities
105

 
(1
)
 
103

 
—

 
208

 
(1
)
Corporate debt securities
16,990

 
(344
)
 
3,511

 
(101
)
 
20,501

 
(445
)
U.S. agency mortgage-backed securities
826

 
(24
)
 
581

 
(29
)
 
1,407

 
(53
)
Total
$
21,093

 
$
(391
)
 
$
9,019

 
$
(156
)
 
$
30,112

 
$
(547
)
Maturities of Fixed Income Securities
The following table summarizes the maturities of our available-for-sale debt investments as of January 26, 2019 (in millions): 
 
Amortized Cost
 
Fair Value
Within 1 year
$
10,131

 
$
10,104

After 1 year through 5 years
17,704

 
17,426

After 5 years through 10 years
1,568

 
1,507

After 10 years
15

 
15

Mortgage-backed securities with no single maturity
1,475

 
1,434

Total
$
30,893

 
$
30,486
Summary of Adjustments to Carrying Value of Investments
We recorded adjustments to the carrying value of our non-marketable equity securities measured using the measurement alternative during the second quarter and first six months of fiscal 2019 as follows (in millions):
 
Three Months Ended
 
Six Months Ended
 
January 26, 2019
 
January 26, 2019
Adjustments to non-marketable equity securities measured using the measurement alternative:
 
 
 
Upward adjustments
$
14

 
$
24

Downward adjustments, including impairments
(2
)
 
(18
)
Net upward adjustments
$
12

 
$
6

Gains and losses recognized on our marketable and non-marketable equity securities for the second quarter and first six months of fiscal 2019 are summarized below (in millions):
 
Three Months Ended
 
Six Months Ended
 
January 26, 2019
 
January 26, 2019
Net gains and losses recognized during the period on equity investments
$
67

 
$
75

Less: Net gains and losses recognized on equity investments sold
5

 
(7
)
Unrealized gains and losses recognized during reporting period on equity securities still held at the reporting date
$
72

 
$
68