Fair Value (Tables)

Assets and liabilities measured at fair value on a recurring basis as of April 25, 2015 and July 26, 2014 were as follows (in millions):



	APRIL 25, 2015 FAIR VALUE MEASUREMENTS								JULY 26, 2014 FAIR VALUE MEASUREMENTS
	Level 1		Level 2		Level 3		Total Balance		Level 1		Level 2		Level 3		Total Balance
Assets:
Cash equivalents:
Money market funds	$	2,307	$	—	$	—	$	2,307	$	4,935	$	—	$	—	$	4,935
Corporate debt securities	—		1		—		1		—		—		—		—
Available-for-sale investments:
U.S. government securities	—		29,422		—		29,422		—		31,734		—		31,734
U.S. government agency securities	—		3,262		—		3,262		—		1,063		—		1,063
Non-U.S. government and agency securities	—		1,186		—		1,186		—		861		—		861
Corporate debt securities	—		13,394		—		13,394		—		9,159		—		9,159
U.S. agency mortgage-backed securities	—		1,362		—		1,362		—		579		—		579
Publicly traded equity securities	1,923		—		—		1,923		1,952		—		—		1,952
Derivative assets	—		275		1		276		—		158		2		160
Total	$	4,230	$	48,902	$	1	$	53,133	$	6,887	$	43,554	$	2	$	50,443
Liabilities:
Derivative liabilities	$	—	$	131	$	—	$	131	$	—	$	67	$	—	$	67
Total	$	—	$	131	$	—	$	131	$	—	$	67	$	—	$	67

The following table presents the Company's assets that were measured at fair value on a nonrecurring basis during the indicated periods and the related recognized gains and losses for the periods indicated (in millions):



	LOSSES FOR THE THREE MONTHS ENDED					LOSSES FOR THE NINE MONTHS ENDED
	April 25, 2015			April 26, 2014		April 25, 2015			April 26, 2014
Investments in privately held companies (impaired)	$	(17	)	$	—	$	(20	)	$	(10	)
Purchased intangible assets (impaired)	(1		)	—		(57		)	—
Property held for sale—land and buildings	(5		)	—		(5		)	—
Total	$	(23	)	$	—	$	(82	)	$	(10	)