XML 49 R37.htm IDEA: XBRL DOCUMENT v3.19.1
Available-for-Sale Debt Investments and Equity Investments (Tables)
 9 Months Ended
Apr. 27, 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):
 
April 27, 2019
 
July 28, 2018
Available-for-sale debt investments
$
24,387

 
$
37,009

Marketable equity securities
5

 
605

Total investments
24,392

 
37,614

Non-marketable equity securities included in other assets (1)
1,135

 
978

Equity method investments included in other assets
115

 
118

Total
$
25,642

 
$
38,710
Summary of Available-for-Sale Investments
The following tables summarize our available-for-sale debt investments (in millions):
April 27, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. government securities
$
1,455

 
$
1

 
$
(4
)
 
$
1,452

U.S. government agency securities
264

 
—

 
(1
)
 
263

Corporate debt securities
21,307

 
40

 
(115
)
 
21,232

U.S. agency mortgage-backed securities
1,465

 
3

 
(28
)
 
1,440

Total (1)
$
24,491

 
$
44

 
$
(148
)
 
$
24,387


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 $1 million and net unsettled investment sales were $1.5 billion as of April 27, 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
 
Nine Months Ended
 
April 27, 2019
 
April 28, 2018
 
April 27, 2019
 
April 28, 2018
Gross realized gains
$
7

 
$
1

 
$
10

 
$
15

Gross realized losses
(14
)
 
(40
)
 
(28
)
 
(146
)
Total
$
(7
)
 
$
(39
)
 
$
(18
)
 
$
(131
)
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 April 27, 2019 and July 28, 2018 (in millions):
 
UNREALIZED LOSSES
LESS THAN 12 MONTHS
 
UNREALIZED LOSSES
12 MONTHS OR GREATER
 
TOTAL
April 27, 2019
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross 
Unrealized 
Losses
U.S. government securities 
$
8

 
$
—

 
$
1,409

 
$
(4
)
 
$
1,417

 
$
(4
)
U.S. government agency securities
—

 
—

 
263

 
(1
)
 
263

 
(1
)
Corporate debt securities
1,851

 
(7
)
 
12,662

 
(108
)
 
14,513

 
(115
)
U.S. agency mortgage-backed securities
48

 
—

 
1,155

 
(28
)
 
1,203

 
(28
)
Total
$
1,907

 
$
(7
)
 
$
15,489

 
$
(141
)
 
$
17,396

 
$
(148
)
 
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 April 27, 2019 (in millions): 
 
Amortized Cost
 
Fair Value
Within 1 year
$
7,363

 
$
7,353

After 1 year through 5 years
13,892

 
13,826

After 5 years through 10 years
1,760

 
1,756

After 10 years
11

 
12

Mortgage-backed securities with no single maturity
1,465

 
1,440

Total
$
24,491

 
$
24,387
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 third quarter and first nine months of fiscal 2019 as follows (in millions):
 
Three Months Ended
 
Nine Months Ended
 
April 27, 2019
 
April 27, 2019
Adjustments to non-marketable equity securities measured using the measurement alternative:
 
 
 
Upward adjustments
$
9

 
$
33

Downward adjustments, including impairments
(4
)
 
(22
)
Net upward adjustments
$
5

 
$
11

Gains and losses recognized on our marketable and non-marketable equity securities for the third quarter and first nine months of fiscal 2019 are summarized below (in millions):
 
Three Months Ended
 
Nine Months Ended
 
April 27, 2019
 
April 27, 2019
Net gains and losses recognized during the period on equity investments
$
3

 
$
78

Less: Net gains and losses recognized on equity investments sold
(44
)
 
(51
)
Unrealized gains and losses recognized during reporting period on equity securities still held at the reporting date
$
(41
)
 
$
27