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Investments | 12 Months Ended
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Jul. 28, 2012
Investments | 8. Investments (a) Summary of Available-for-Sale Investments The following tables summarize the Company’s available-for-sale investments (in millions):
July 28, 2012 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 24,201 |  |  | $ | 41 |  |  | $ | (1 | ) |  | $ | 24,241 |
U.S. government agency securities |  |  | 5,367 |  |  |  | 21 |  |  |  | — |  |  |  | 5,388 |
Non-U.S. government and agency securities |  |  | 1,629 |  |  |  | 9 |  |  |  | — |  |  |  | 1,638 |
Corporate debt securities |  |  | 5,959 |  |  |  | 74 |  |  |  | (3 | ) |  |  | 6,030 |
Total fixed income securities |  |  | 37,156 |  |  |  | 145 |  |  |  | (4 | ) |  |  | 37,297 |
Publicly traded equity securities |  |  | 1,107 |  |  |  | 524 |  |  |  | (11 | ) |  |  | 1,620 |
Total |  | $ | 38,263 |  |  | $ | 669 |  |  | $ | (15 | ) |  | $ | 38,917 |
July 30, 2011 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 19,087 |  |  | $ | 52 |  |  | $ | — |  |  | $ | 19,139 |
U.S. government agency securities |  |  | 8,742 |  |  |  | 35 |  |  |  | (1 | ) |  |  | 8,776 |
Non-U.S. government and agency securities |  |  | 3,119 |  |  |  | 14 |  |  |  | (1 | ) |  |  | 3,132 |
Corporate debt securities |  |  | 4,333 |  |  |  | 65 |  |  |  | (4 | ) |  |  | 4,394 |
Asset-backed securities |  |  | 120 |  |  |  | 5 |  |  |  | (4 | ) |  |  | 121 |
Total fixed income securities |  |  | 35,401 |  |  |  | 171 |  |  |  | (10 | ) |  |  | 35,562 |
Publicly traded equity securities |  |  | 734 |  |  |  | 639 |  |  |  | (12 | ) |  |  | 1,361 |
Total |  | $ | 36,135 |  |  | $ | 810 |  |  | $ | (22 | ) |  | $ | 36,923 |
U.S. government agency securities include corporate debt securities that are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), while non-U.S. government and agency securities include agency and corporate debt securities that are guaranteed by non-U.S. governments. (b) Gains and Losses on Available-for-Sale Investments The following table presents the gross realized gains and gross realized losses related to the Company’s available-for-sale investments (in millions):
Years Ended |  | July 28, 2012 |  |  | July 30, 2011 |  |  | July 31, 2010 |
Gross realized gains |  | $ | 641 |  |  | $ | 348 |  |  | $ | 279 |
Gross realized losses |  |  | (540 | ) |  |  | (169 | ) |  |  | (110 | )
Total |  | $ | 101 |  |  | $ | 179 |  |  | $ | 169 |
The following table presents the realized net gains (losses) related to the Company’s available-for-sale investments (in millions):
Years Ended |  | July 28, 2012 |  |  | July 30, 2011 |  |  | July 31, 2010 |
Net gains on investments in publicly traded equity securities |  | $ | 43 |  |  | $ | 88 |  |  | $ | 66 |
Net gains on investments in fixed income securities |  |  | 58 |  |  |  | 91 |  |  |  | 103 |
Total |  | $ | 101 |  |  | $ | 179 |  |  | $ | 169 |
Impairment charges on available-for-sale investments were not material for the periods presented. The following table summarizes the activity related to credit losses for fixed income securities (in millions):
|  | July 28, 2012 |  |  | July 30, 2011 |
Balance at beginning of fiscal year |  | $ | (23 | ) |  | $ | (95 | )
Sales of other-than-temporarily impaired fixed income securities |  |  | 23 |  |  |  | 72 |
Balance at end of fiscal year |  | $ | — |  |  | $ | (23 | )
The following tables present the breakdown of the available-for-sale investments with gross unrealized losses and the duration that those losses had been unrealized at July 28, 2012 and July 30, 2011 (in millions):
|  | UNREALIZED LOSSES LESS THAN 12 MONTHS |  |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  |  | TOTAL |
July 28, 2012 |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 5,357 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 5,357 |  |  | $ | (1 | )
Corporate debt securities |  |  | 603 |  |  |  | (3 | ) |  |  | 14 |  |  |  | — |  |  |  | 617 |  |  |  | (3 | )
Total fixed income securities |  |  | 5,960 |  |  |  | (4 | ) |  |  | 14 |  |  |  | — |  |  |  | 5,974 |  |  |  | (4 | )
Publicly traded equity securities |  |  | 167 |  |  |  | (8 | ) |  |  | 20 |  |  |  | (3 | ) |  |  | 187 |  |  |  | (11 | )
Total |  | $ | 6,127 |  |  | $ | (12 | ) |  | $ | 34 |  |  | $ | (3 | ) |  | $ | 6,161 |  |  | $ | (15 | )
|  | UNREALIZED LOSSES LESS THAN 12 MONTHS |  |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  |  | TOTAL |
July 30, 2011 |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 2,310 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 2,310 |  |  | $ | (1 | )
Non-U.S. government and agency securities |  |  | 875 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 875 |  |  |  | (1 | )
Corporate debt securities |  |  | 548 |  |  |  | (2 | ) |  |  | 56 |  |  |  | (2 | ) |  |  | 604 |  |  |  | (4 | )
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 105 |  |  |  | (4 | ) |  |  | 105 |  |  |  | (4 | )
Total fixed income securities |  |  | 3,733 |  |  |  | (4 | ) |  |  | 161 |  |  |  | (6 | ) |  |  | 3,894 |  |  |  | (10 | )
Publicly traded equity securities |  |  | 112 |  |  |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | 112 |  |  |  | (12 | )
Total |  | $ | 3,845 |  |  | $ | (16 | ) |  | $ | 161 |  |  | $ | (6 | ) |  | $ | 4,006 |  |  | $ | (22 | )
As of July 28, 2012, for fixed income securities that were in unrealized loss positions, the Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of July 28, 2012, the Company anticipates that it will recover the entire amortized cost basis of such fixed income securities and has determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the year ended July 28, 2012. The Company has evaluated its publicly traded equity securities as of July 28, 2012 and has determined that there was no indication of other-than-temporary impairments in the respective categories of unrealized losses. This determination was based on several factors, which include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the publicly traded equity securities for a period of time sufficient to allow for any anticipated recovery in market value. (c) Maturities of Fixed Income Securities The following table summarizes the maturities of the Company’s fixed income securities at July 28, 2012 (in millions):
|  | Amortized Cost |  |  | Fair Value |
Less than 1 year |  | $ | 16,257 |  |  | $ | 16,274 |
Due in 1 to 2 years |  |  | 12,277 |  |  |  | 12,323 |
Due in 2 to 5 years |  |  | 8,549 |  |  |  | 8,623 |
Due after 5 years |  |  | 73 |  |  |  | 77 |
Total |  | $ | 37,156 |  |  | $ | 37,297 |
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. (d) Securities Lending The Company periodically engages in securities lending activities with certain of its available-for-sale investments. These transactions are accounted for as a secured lending of the securities, and the securities are typically loaned only on an overnight basis. The average daily balance of securities lending for fiscal 2012 and 2011 was $0.5 billion and $1.6 billion, respectively. The Company requires collateral equal to at least 102% of the fair market value of the loaned security in the form of cash or liquid, high-quality assets. The Company engages in these secured lending transactions only with highly creditworthy counterparties, and the associated portfolio custodian has agreed to indemnify the Company against collateral losses. The Company did not experience any losses in connection with the secured lending of securities during the periods presented. As of July 28, 2012 and July 30, 2011, the Company had no outstanding securities lending transactions.

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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