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Available-for-Sale Debt and Equity Investments
 6 Months Ended
Jan. 23, 2021
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Debt and Equity Investments Available-for-Sale Debt and Equity Investments
(a)Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):
January 23, 2021Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit
Losses		Fair
Value
U.S. government securities$2,613 $50 $— $2,663 
U.S. government agency securities 168 — — 168 
Corporate debt securities10,516 296 (26)10,786 
U.S. agency mortgage-backed securities2,796 47 (3)2,840 
Commercial paper1,730 — — 1,730 
Certificates of deposit603 — — 603 
Total (1)
$18,426 $393 $(29)$18,790 
July 25, 2020Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. government securities$2,614 $71 $— $2,685 
U.S. government agency securities 110 — — 110 
Corporate debt securities11,549 334 (6)11,877 
U.S. agency mortgage-backed securities1,987 49 (1)2,035 
Commercial paper727 — — 727 
Certificates of deposit176 — — 176 
Total$17,163 $454 $(7)$17,610 
(1) Net unsettled investment sales were $39 million as of January 23, 2021 and were included in other current assets.
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Three Months EndedSix Months Ended
January 23, 2021January 25, 2020January 23, 2021January 25, 2020
Gross realized gains$9 $13 $24 $25 
Gross realized losses— (2)— (4)
Total$9 $11 $24 $21 
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 23, 2021 and July 25, 2020 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
January 23, 2021Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities 
$109 $— $— $— $109 $— 
U.S. government agency securities36 — — — 36 — 
Corporate debt securities663 (1)— — 663 (1)
U.S. agency mortgage-backed securities698 (3)— — 698 (3)
Certificates of deposit15 — — — 15 — 
Total$1,521 $(4)$— $— $1,521 $(4)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 25, 2020Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government agency securities$33 $— $— $— $33 $— 
Corporate debt securities1,060 (6)3 — 1,063 (6)
U.S. agency mortgage-backed securities265 (1)— — 265 (1)
Total$1,358 $(7)$3 $— $1,361 $(7)
The following table summarizes the maturities of our available-for-sale debt investments as of January 23, 2021 (in millions): 
Amortized CostFair Value
Within 1 year$6,674 $6,679 
After 1 year through 5 years7,035 7,201 
After 5 years through 10 years1,913 2,060 
After 10 years8 10 
Mortgage-backed securities with no single maturity2,796 2,840 
Total$18,426 $18,790 
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
(b)Summary of Equity Investments
Our net unrealized gains recognized during the reporting period on our marketable and non-marketable equity securities still held as of January 23, 2021 was $4 million for each of the second quarter and first six months of fiscal 2021, and a net gain of $3 million for the corresponding periods of fiscal 2020. Our net adjustments to non-marketable equity securities measured using the measurement alternative was a net gain of $3 million and $4 million for the second quarter and first six months of fiscal 2021, respectively. These adjustments were net gains of $3 million for each of the corresponding periods of fiscal 2020. We held equity interests in certain private equity funds of $0.7 billion as of each of January 23, 2021 and July 25, 2020, which are accounted for under the NAV practical expedient.
In the ordinary course of business, we have investments in privately held companies and provide financing to certain customers. These privately held companies and customers are evaluated for consolidation under the variable interest or voting interest entity models. We evaluate on an ongoing basis our investments in these privately held companies and our customer financings, and have determined that as of January 23, 2021, except as disclosed herein, there were no significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements.
The carrying value of our investments in privately held companies was $1.3 billion as of each of January 23, 2021 and July 25, 2020.
Of the total carrying value of our investments in privately held companies as of January 23, 2021, $0.7 billion of such investments are considered to be in variable interest entities which are unconsolidated. We have total funding commitments of $0.3 billion related to privately held investments, some of which may be based on the achievement of certain agreed-upon milestones, and some of which are required to be funded on demand. The carrying value of these investments and the additional funding commitments collectively represent our maximum exposure related to privately held investments.