XML 118 R38.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Available-for-Sale Debt Investments and Equity Investments (Tables)
 6 Months Ended
Jan. 25, 2020
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 25, 2020
 
July 27, 2019
Available-for-sale debt investments
$
18,587

 
$
21,660

Marketable equity securities
—

 
3

Total investments
18,587

 
21,663

Non-marketable equity securities included in other assets
1,155

 
1,113

Equity method investments included in other assets
61

 
87

Total
$
19,803

 
$
22,863
Summary of Available-for-Sale Investments
The following tables summarize our available-for-sale debt investments (in millions):
January 25, 2020
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. government securities
$
2,218

 
$
13

 
$
—

 
$
2,231

U.S. government agency securities
20

 
—

 
—

 
20

Corporate debt securities
13,405

 
196

 
(4
)
 
13,597

U.S. agency mortgage-backed securities
1,612

 
14

 
(3
)
 
1,623

Commercial paper
1,052

 
—

 
—

 
1,052

Certificates of deposit
64

 
—

 
—

 
64

Total (1)
$
18,371

 
$
223

 
$
(7
)
 
$
18,587


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

(1) Net unsettled investment sales were $13 million as of January 25, 2020 and were included in other current assets.
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 25, 2020
 
January 26, 2019
 
January 25, 2020
 
January 26, 2019
Gross realized gains
$
13

 
$
1

 
$
25

 
$
3

Gross realized losses
(2
)
 
(6
)
 
(4
)
 
(14
)
Total
$
11

 
$
(5
)
 
$
21

 
$
(11
)
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 25, 2020 and July 27, 2019 (in millions):
 
UNREALIZED LOSSES
LESS THAN 12 MONTHS
 
UNREALIZED LOSSES
12 MONTHS OR GREATER
 
TOTAL
January 25, 2020
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross 
Unrealized 
Losses
U.S. government securities 
$
44

 
$
—

 
$
20

 
$
—

 
$
64

 
$
—

U.S. government agency securities
—

 
—

 
3

 
—

 
3

 
—

Corporate debt securities
260

 
(1
)
 
439

 
(3
)
 
699

 
(4
)
U.S. agency mortgage-backed securities
56

 
—

 
374

 
(3
)
 
430

 
(3
)
Commercial paper
51

 
—

 
—

 
—

 
51

 
—

Certificates of deposit
36

 
—

 
—

 
—

 
36

 
—

Total
$
447

 
$
(1
)
 
$
836

 
$
(6
)
 
$
1,283

 
$
(7
)
 
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 January 25, 2020 (in millions): 
 
Amortized Cost
 
Fair Value
Within 1 year
$
5,704

 
$
5,717

After 1 year through 5 years
8,898

 
8,995

After 5 years through 10 years
2,150

 
2,245

After 10 years
7

 
7

Mortgage-backed securities with no single maturity
1,612

 
1,623

Total
$
18,371

 
$
18,587
Summary of Adjustments to Carrying Value of Investments
Gains and losses recognized on our marketable and non-marketable equity securities are summarized below (in millions):
 
Three Months Ended
 
Six Months Ended
 
January 25, 2020
 
January 26, 2019
 
January 25, 2020
 
January 26, 2019
Net gains and losses recognized during the period on equity investments
$
71

 
$
67

 
$
78

 
$
75

Less: Net gains and losses recognized on equity investments sold
(68
)
 
5

 
(75
)
 
(7
)
Net unrealized gains and losses recognized during reporting period on equity securities still held at the reporting date
$
3

 
$
72

 
$
3

 
$
68

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
 
Six Months Ended
 
January 25, 2020
 
January 26, 2019
 
January 25, 2020
 
January 26, 2019
Adjustments to non-marketable equity securities measured using the measurement alternative:
 
 
 
 
 
 
 
Upward adjustments
$
11

 
$
14

 
$
12

 
$
24

Downward adjustments, including impairments
(8
)
 
(2
)
 
(9
)
 
(18
)
Net adjustments
$
3

 
$
12

 
$
3

 
$
6