v2.4.0.8

Investments | 3 Months Ended
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Oct. 26, 2013
Investments [Abstract] |
Investments |
8. | Investments
(a) | Summary of Available-for-Sale Investments
The following tables summarize the Company’s available-for-sale investments (in millions):
October 26, 2013 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed income securities: |  |  |  |  |  |  |
U.S. government securities | $ | 28,603 |  |  | $ | 37 |  |  | $ | (2 | ) |  | $ | 28,638 |
U.S. government agency securities | 2,394 |  |  | 5 |  |  | — |  |  | 2,399 |
Non-U.S. government and agency securities | 907 |  |  | 3 |  |  | (1 | ) |  | 909 |
Corporate debt securities | 7,974 |  |  | 73 |  |  | (21 | ) |  | 8,026 |
U.S. agency mortgage-backed securities | 456 |  |  | 5 |  |  | — |  |  | 461 |
Total fixed income securities | 40,334 |  |  | 123 |  |  | (24 | ) |  | 40,433 |
Publicly traded equity securities | 1,820 |  |  | 696 |  |  | (2 | ) |  | 2,514 |
Total | $ | 42,154 |  |  | $ | 819 |  |  | $ | (26 | ) |  | $ | 42,947 |
July 27, 2013 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed income securities: |  |  |  |  |  |  |
U.S. government securities | $ | 27,814 |  |  | $ | 22 |  |  | $ | (13 | ) |  | $ | 27,823 |
U.S. government agency securities | 3,083 |  |  | 7 |  |  | (1 | ) |  | 3,089 |
Non-U.S. government and agency securities | 1,094 |  |  | 3 |  |  | (2 | ) |  | 1,095 |
Corporate debt securities | 7,876 |  |  | 55 |  |  | (50 | ) |  | 7,881 |
Total fixed income securities | 39,867 |  |  | 87 |  |  | (66 | ) |  | 39,888 |
Publicly traded equity securities | 2,063 |  |  | 738 |  |  | (4 | ) |  | 2,797 |
Total | $ | 41,930 |  |  | $ | 825 |  |  | $ | (70 | ) |  | $ | 42,685 |
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):
|  | Three Months Ended
|  | October 26, 2013 |  | October 27, 2012
Gross realized gains |  | $ | 95 |  |  | $ | 63 |
Gross realized losses |  | (12 | ) |  | (36 | )
Total |  | $ | 83 |  |  | $ | 27 |
The following table presents the realized net gains (losses) related to the Company’s available-for-sale investments by security type (in millions):
|  | Three Months Ended
|  | October 26, 2013 |  | October 27, 2012
Net gains (losses) on investments in publicly traded equity securities |  | $ | 75 |  |  | $ | 10 |
Net gains on investments in fixed income securities |  | 8 |  |  | 17 |
Total |  | $ | 83 |  |  | $ | 27 |
There were no impairment charges on available-for-sale investments for the periods presented. 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 October 26, 2013 and July 27, 2013 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
October 26, 2013 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | $ | 3,303 |  |  | $ | (2 | ) |  | $ | 8 |  |  | $ | — |  |  | $ | 3,311 |  |  | $ | (2 | )
U.S. government agency securities | 201 |  |  | — |  |  | — |  |  | — |  |  | 201 |  |  | — |
Non-U.S. government and agency securities | 208 |  |  | (1 | ) |  | 2 |  |  | — |  |  | 210 |  |  | (1 | )
Corporate debt securities | 2,357 |  |  | (21 | ) |  | 13 |  |  | — |  |  | 2,370 |  |  | (21 | )
U.S. agency mortgage-backed securities | 32 |  |  | — |  |  | — |  |  | — |  |  | 32 |  |  | — |
Total fixed income securities | 6,101 |  |  | (24 | ) |  | 23 |  |  | — |  |  | 6,124 |  |  | (24 | )
Publicly traded equity securities | 45 |  |  | (2 | ) |  | — |  |  | — |  |  | 45 |  |  | (2 | )
Total | $ | 6,146 |  |  | $ | (26 | ) |  | $ | 23 |  |  | $ | — |  |  | $ | 6,169 |  |  | $ | (26 | )
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
July 27, 2013 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | $ | 7,865 |  |  | $ | (13 | ) |  | $ | — |  |  | $ | — |  |  | $ | 7,865 |  |  | $ | (13 | )
U.S. government agency securities | 294 |  |  | (1 | ) |  | — |  |  | — |  |  | 294 |  |  | (1 | )
Non-U.S. government and agency securities | 432 |  |  | (2 | ) |  | — |  |  | — |  |  | 432 |  |  | (2 | )
Corporate debt securities | 3,704 |  |  | (50 | ) |  | 4 |  |  | — |  |  | 3,708 |  |  | (50 | )
Total fixed income securities | 12,295 |  |  | (66 | ) |  | 4 |  |  | — |  |  | 12,299 |  |  | (66 | )
Publicly traded equity securities | 278 |  |  | (4 | ) |  | — |  |  | — |  |  | 278 |  |  | (4 | )
Total | $ | 12,573 |  |  | $ | (70 | ) |  | $ | 4 |  |  | $ | — |  |  | $ | 12,577 |  |  | $ | (70 | )
As of October 26, 2013, 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 October 26, 2013, 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 three months ended October 26, 2013. The Company has evaluated its publicly traded equity securities as of October 26, 2013 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 October 26, 2013 (in millions):
| Amortized Cost |  | Fair Value
Less than 1 year | $ | 15,286 |  |  | $ | 15,297 |
Due in 1 to 2 years | 12,310 |  |  | 12,346 |
Due in 2 to 5 years | 12,160 |  |  | 12,204 |
Due after 5 years | 578 |  |  | 586 |
Total | $ | 40,334 |  |  | $ | 40,433 |
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 the three months ended October 26, 2013 and October 27, 2012 was $0.6 billion and $0.8 billion, respectively. The Company requires collateral equal to at least 102% of the fair market value of the loaned security and that the collateral be 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 October 26, 2013 and July 27, 2013, the Company had no outstanding securities lending transactions.

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