Cash and Cash Equivalents, Investments and Funds Held for Customers

The following table summarizes our cash and cash equivalents, investments and funds held for customers by balance sheet classification at the dates indicated.



	July 31, 2015				July 31, 2014
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Classification on balance sheets:
Cash and cash equivalents	$	808	$	808	$	849	$	849
Investments	890		889		1,064		1,065
Funds held for customers	337		337		289		289
Long-term investments	27		27		31		31
Total cash and cash equivalents, investments and funds held for customers	$	2,062	$	2,061	$	2,233	$	2,234

The following table summarizes our cash and cash equivalents, investments and funds held for customers by investment category at the dates indicated. See Note 2 for more information on our municipal auction rate securities.



	July 31, 2015				July 31, 2014
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Type of issue:
Total cash and cash equivalents	$	970	$	970	$	994	$	994
Available-for-sale debt securities:
Municipal bonds	507		506		700		701
Municipal auction rate securities	15		15		21		21
Corporate notes	546		546		466		466
U.S. agency securities	12		12		42		42
Total available-for-sale debt securities	1,080		1,079		1,229		1,230
Other long-term investments	12		12		10		10
Total cash and cash equivalents, investments and funds held for customers	$	2,062	$	2,061	$	2,233	$	2,234

We include realized gains and losses on our available-for-sale debt securities in interest and other income, net in our statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the twelve months ended July 31, 2015, 2014 and 2013 were not significant.

We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income in the stockholders’ equity section of our balance sheets. Gross unrealized gains and losses on our available-for-sale debt securities at July 31, 2015 and July 31, 2014 were not significant.

We periodically review our investment portfolios to determine if any investment is other-than-temporarily impaired due to changes in credit risk or other potential valuation concerns. We believe that the investments that we held at July 31, 2015 were not other-than-temporarily impaired. Unrealized losses on available-for-sale debt securities at July 31, 2015 were not significant and are due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. We do not intend to sell these investments. In addition, it is more likely than not that we will not be required to sell them before recovery at par, which may be at maturity.

The following table summarizes our available-for-sale debt securities classified by the stated maturity date of the security at the dates indicated.



	July 31, 2015				July 31, 2014
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	434	$	435	$	363	$	363
Due within two years	443		442		443		443
Due within three years	156		156		303		303
Due after three years	47		46		120		121
Total available-for-sale debt securities	$	1,080	$	1,079	$	1,229	$	1,230

Available-for-sale debt securities due after three years in the table above include our municipal auction rate securities. See Note

2, “Fair Value Measurements,” for more information. All of the remaining securities in that category had interest reset dates or

mandatory call dates within three years of the dates indicated in the table.