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, 2016				July 31, 2015
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Classification on balance sheets:
Cash and cash equivalents	$	638	$	638	$	808	$	808
Investments	441		442		890		889
Funds held for customers	304		304		337		337
Long-term investments	28		28		27		27
Total cash and cash equivalents, investments and funds held for customers	$	1,411	$	1,412	$	2,062	$	2,061

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, 2016				July 31, 2015
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Type of issue:
Total cash and cash equivalents	$	742	$	742	$	970	$	970
Available-for-sale debt securities:
Municipal bonds	186		186		507		506
Municipal auction rate securities	15		15		15		15
Corporate notes	419		420		546		546
U.S. agency securities	36		36		12		12
Total available-for-sale debt securities	656		657		1,080		1,079
Other long-term investments	13		13		12		12
Total cash and cash equivalents, investments and funds held for customers	$	1,411	$	1,412	$	2,062	$	2,061

We include realized gains and losses on our available-for-sale debt securities in interest and other income or expense, 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, 2016, 2015 and 2014 were not significant.

We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income or loss in the stockholders’ equity section of our balance sheets. Gross unrealized gains and losses on our available-for-sale debt securities at July 31, 2016 and July 31, 2015 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, 2016 were not other-than-temporarily impaired. Unrealized losses on available-for-sale debt securities at July 31, 2016 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, 2016				July 31, 2015
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	285	$	285	$	434	$	435
Due within two years	209		210		443		442
Due within three years	143		143		156		156
Due after three years	19		19		47		46
Total available-for-sale debt securities	$	656	$	657	$	1,080	$	1,079

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.