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Available-for-Sale Debt Investments and Equity Investments (Tables)
 3 Months Ended
Oct. 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):
 
October 26, 2019
 
July 27, 2019
Available-for-sale debt investments
$
19,445

 
$
21,660

Marketable equity securities
3

 
3

Total investments
19,448

 
21,663

Non-marketable equity securities included in other assets (1)
1,151

 
1,113

Equity method investments included in other assets
66

 
87

Total
$
20,665

 
$
22,863


(1) We held equity interests in certain private equity funds of $0.7 billion and $0.6 billion as of October 26, 2019 and July 27, 2019, respectively, which are accounted for under the NAV practical expedient.
Summary of Available-for-Sale Investments
The following tables summarize our available-for-sale debt investments (in millions):
October 26, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. government securities
$
1,322

 
$
3

 
$
(1
)
 
$
1,324

U.S. government agency securities
98

 
—

 
—

 
98

Corporate debt securities
16,057

 
153

 
(11
)
 
16,199

U.S. agency mortgage-backed securities
1,509

 
9

 
(8
)
 
1,510

Commercial paper
283

 
—

 
—

 
283

Certificates of deposit
31

 
—

 
—

 
31

Total
$
19,300

 
$
165

 
$
(20
)
 
$
19,445


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
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
 
October 26, 2019
 
October 27, 2018
Gross realized gains
$
12

 
$
2

Gross realized losses
(2
)
 
(8
)
Total
$
10

 
$
(6
)
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 October 26, 2019 and July 27, 2019 (in millions):
 
UNREALIZED LOSSES
LESS THAN 12 MONTHS
 
UNREALIZED LOSSES
12 MONTHS OR GREATER
 
TOTAL
October 26, 2019
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross 
Unrealized 
Losses
U.S. government securities 
$
479

 
$
(1
)
 
$
25

 
$
—

 
$
504

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

 
—

 
98

 
—

 
98

 
—

Corporate debt securities
1,642

 
(4
)
 
1,200

 
(7
)
 
2,842

 
(11
)
U.S. agency mortgage-backed securities
378

 
(1
)
 
462

 
(7
)
 
840

 
(8
)
Commercial paper
25

 
—

 
—

 
—

 
25

 
—

Certificates of deposit
6

 
—

 
—

 
—

 
6

 
—

Total
$
2,530

 
$
(6
)
 
$
1,785

 
$
(14
)
 
$
4,315

 
$
(20
)
 
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
)
Maturities of Fixed Income Securities
The following table summarizes the maturities of our available-for-sale debt investments as of October 26, 2019 (in millions): 
 
Amortized Cost
 
Fair Value
Within 1 year
$
5,472

 
$
5,481

After 1 year through 5 years
10,604

 
10,676

After 5 years through 10 years
1,709

 
1,773

After 10 years
6

 
5

Mortgage-backed securities with no single maturity
1,509

 
1,510

Total
$
19,300

 
$
19,445
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 as follows (in millions):
 
Three Months Ended
 
October 26, 2019
 
October 27, 2018
Adjustments to non-marketable equity securities measured using the measurement alternative:
 
 
 
Upward adjustments
$
1

 
$
10

Downward adjustments, including impairments
(2
)
 
(16
)
Net adjustments
$
(1
)
 
$
(6
)
Gains and losses recognized on our marketable and non-marketable equity securities are summarized below (in millions):
 
Three Months Ended
 
October 26, 2019
 
October 27, 2018
Net gains and losses recognized during the period on equity investments
$
7

 
$
8

Less: Net gains and losses recognized on equity investments sold
(8
)
 
(12
)
Net unrealized gains and losses recognized during reporting period on equity securities still held at the reporting date
$
(1
)
 
$
(4
)