XML 30 R39.htm IDEA: XBRL DOCUMENT v3.19.2
Available-for-Sale Debt Investments and Equity Investments (Tables)
 12 Months Ended
Jul. 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):
 
July 27, 2019
 
July 28, 2018
Available-for-sale debt investments
$
21,660

 
$
37,009

Marketable equity securities
3

 
605

Total investments
21,663

 
37,614

Non-marketable equity securities included in other assets (1)
1,113

 
978

Equity method investments included in other assets
87

 
118

Total
$
22,863

 
$
38,710

(1) We held equity interests in certain private equity funds of $0.6 billion as of July 27, 2019 which are accounted for under the NAV practical expedient following the adoption of ASU 2016-01, Financial Instruments, starting in the first quarter of fiscal 2019.
Summary of Available-for-Sale Investments
The following tables summarize our available-for-sale debt investments (in millions):
July 27, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. government securities
$
808

 
$
1

 
$
(1
)
 
$
808

U.S. government agency securities
169

 
—

 
—

 
169

Corporate debt securities
19,188

 
103

 
(29
)
 
19,262

U.S. agency mortgage-backed securities
1,425

 
7

 
(11
)
 
1,421

Total
$
21,590

 
$
111

 
$
(41
)
 
$
21,660


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
$
37,512

 
$
44

 
$
(547
)
 
$
37,009
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):
Years Ended
July 27, 2019
 
July 28, 2018
 
July 29, 2017
Gross realized gains
$
17

 
$
16

 
$
69

Gross realized losses
(30
)
 
(258
)
 
(111
)
Total
$
(13
)
 
$
(242
)
 
$
(42
)
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 July 27, 2019 and July 28, 2018 (in millions):
 
UNREALIZED LOSSES
LESS THAN 12 MONTHS
 
UNREALIZED LOSSES
12 MONTHS OR GREATER
 
TOTAL
July 27, 2019
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross 
Unrealized 
Losses
U.S. government securities 
$
204

 
$
—

 
$
488

 
$
(1
)
 
$
692

 
$
(1
)
U.S. government agency securities
—

 
—

 
169

 
—

 
169

 
—

Corporate debt securities
2,362

 
(4
)
 
5,271

 
(25
)
 
7,633

 
(29
)
U.S. agency mortgage-backed securities
123

 
—

 
847

 
(11
)
 
970

 
(11
)
Total
$
2,689

 
$
(4
)

$
6,775


$
(37
)

$
9,464


$
(41
)
 
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 July 27, 2019 (in millions): 
 
Amortized Cost
 
Fair Value
Within 1 year
$
6,322

 
$
6,324

After 1 year through 5 years
12,191

 
12,218

After 5 years through 10 years
1,643

 
1,687

After 10 years
9

 
10

Mortgage-backed securities with no single maturity
1,425

 
1,421

Total
$
21,590

 
$
21,660
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 fiscal 2019 as follows (in millions):
 
July 27, 2019
Adjustments to non-marketable equity securities measured using the measurement alternative:
 
Upward adjustments
$
35

Downward adjustments, including impairments
(57
)
Net adjustments
$
(22
)
Gains and losses recognized on our marketable and non-marketable equity securities for fiscal 2019 are as follows (in millions):
 
July 27, 2019
Net gains and losses recognized during the period on equity investments
$
58

Less: Net gains and losses recognized on equity investments sold
(69
)
Net unrealized gains and losses recognized during reporting period on equity securities still held at the reporting date
$
(11
)