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Investments | 3 Months Ended
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Oct. 29, 2016
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments
(a) | Summary of Available-for-Sale Investments
The following tables summarize the Company’s available-for-sale investments (in millions):
October 29, 2016 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed income securities: |  |  |  |  |  |  |
U.S. government securities | $ | 25,905 |  |  | $ | 24 |  |  | $ | (33 | ) |  | $ | 25,896 |
U.S. government agency securities | 2,619 |  |  | 4 |  |  | (1 | ) |  | 2,622 |
Non-U.S. government and agency securities | 1,104 |  |  | 1 |  |  | (1 | ) |  | 1,104 |
Corporate debt securities | 29,046 |  |  | 177 |  |  | (60 | ) |  | 29,163 |
U.S. agency mortgage-backed securities | 2,069 |  |  | 16 |  |  | (2 | ) |  | 2,083 |
Total fixed income securities | 60,743 |  |  | 222 |  |  | (97 | ) |  | 60,868 |
Publicly traded equity securities | 1,225 |  |  | 346 |  |  | (54 | ) |  | 1,517 |
Total (1) | $ | 61,968 |  |  | $ | 568 |  |  | $ | (151 | ) |  | $ | 62,385 |
July 30, 2016 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed income securities: |  |  |  |  |  |  |
U.S. government securities | $ | 26,473 |  |  | $ | 73 |  |  | $ | (2 | ) |  | $ | 26,544 |
U.S. government agency securities | 2,809 |  |  | 8 |  |  | — |  |  | 2,817 |
Non-U.S. government and agency securities | 1,096 |  |  | 4 |  |  | — |  |  | 1,100 |
Corporate debt securities | 24,044 |  |  | 263 |  |  | (15 | ) |  | 24,292 |
U.S. agency mortgage-backed securities | 1,846 |  |  | 22 |  |  | — |  |  | 1,868 |
Total fixed income securities | 56,268 |  |  | 370 |  |  | (17 | ) |  | 56,621 |
Publicly traded equity securities | 1,211 |  |  | 333 |  |  | (40 | ) |  | 1,504 |
Total (1) | $ | 57,479 |  |  | $ | 703 |  |  | $ | (57 | ) |  | $ | 58,125 |
(1) Includes investments that were pending settlement as of the respective fiscal years. The net unsettled investment purchases were $328 million and $654 million as of October 29, 2016 and July 30, 2016, respectively. 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 29, 2016 |  | October 24, 2015
Gross realized gains | $ | 30 |  |  | $ | 35 |
Gross realized losses | (15 | ) |  | (36 | )
Total | $ | 15 |  |  | $ | (1 | )
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 29, 2016 |  | October 24, 2015
Net gains/(losses) on investments in publicly traded equity securities | $ | 5 |  |  | $ | (9 | )
Net gains/(losses) on investments in fixed income securities | 10 |  |  | 8 |
Total | $ | 15 |  |  | $ | (1 | )
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 29, 2016 and July 30, 2016 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
October 29, 2016 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | $ | 11,766 |  |  | $ | (33 | ) |  | $ | 100 |  |  | $ | — |  |  | $ | 11,866 |  |  | $ | (33 | )
U.S. government agency securities | 596 |  |  | (1 | ) |  | — |  |  | — |  |  | 596 |  |  | (1 | )
Non-U.S. government and agency securities | 498 |  |  | (1 | ) |  | — |  |  | — |  |  | 498 |  |  | (1 | )
Corporate debt securities | 9,013 |  |  | (57 | ) |  | 572 |  |  | (3 | ) |  | 9,585 |  |  | (60 | )
U.S. agency mortgage-backed securities | 594 |  |  | (2 | ) |  | — |  |  | — |  |  | 594 |  |  | (2 | )
Total fixed income securities | 22,467 |  |  | (94 | ) |  | 672 |  |  | (3 | ) |  | 23,139 |  |  | (97 | )
Publicly traded equity securities | 291 |  |  | (53 | ) |  | 3 |  |  | (1 | ) |  | 294 |  |  | (54 | )
Total | $ | 22,758 |  |  | $ | (147 | ) |  | $ | 675 |  |  | $ | (4 | ) |  | $ | 23,433 |  |  | $ | (151 | )
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
July 30, 2016 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | $ | 2,414 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | — |  |  | $ | 2,414 |  |  | $ | (2 | )
U.S. government agency securities | 144 |  |  | — |  |  | — |  |  | — |  |  | 144 |  |  | — |
Non-U.S. government and agency securities | 61 |  |  | — |  |  | — |  |  | — |  |  | 61 |  |  | — |
Corporate debt securities | 2,499 |  |  | (7 | ) |  | 1,208 |  |  | (8 | ) |  | 3,707 |  |  | (15 | )
U.S. agency mortgage-backed securities | 174 |  |  | — |  |  | — |  |  | — |  |  | 174 |  |  | — |
Total fixed income securities | 5,292 |  |  | (9 | ) |  | 1,208 |  |  | (8 | ) |  | 6,500 |  |  | (17 | )
Publicly traded equity securities | 188 |  |  | (40 | ) |  | — |  |  | — |  |  | 188 |  |  | (40 | )
Total | $ | 5,480 |  |  | $ | (49 | ) |  | $ | 1,208 |  |  | $ | (8 | ) |  | $ | 6,688 |  |  | $ | (57 | )
As of October 29, 2016, 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 29, 2016, 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 29, 2016. The Company has evaluated its publicly traded equity securities as of October 29, 2016 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 as of October 29, 2016 (in millions):
| Amortized Cost |  | Fair Value
Less than 1 year | $ | 12,967 |  |  | $ | 12,977 |
Due in 1 to 2 years | 17,042 |  |  | 17,071 |
Due in 2 to 5 years | 25,125 |  |  | 25,230 |
Due after 5 years | 3,540 |  |  | 3,507 |
Mortgage-backed securities with no single maturity | 2,069 |  |  | 2,083 |
Total | $ | 60,743 |  |  | $ | 60,868 |
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. The remaining contractual principal maturities for mortgage-backed securities were allocated assuming no prepayments.
(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 29, 2016 and October 24, 2015 was $1.5 billion and $0.5 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 29, 2016 and July 30, 2016, the Company had no outstanding securities lending transactions.
(e) | Investments in Privately Held Companies
The carrying value of the Company’s investments in privately held companies was included in other assets. For such investments that were accounted for under the equity and cost method as of October 29, 2016 and July 30, 2016, the amounts are summarized in the following table (in millions):
| October 29, 2016 |  | July 30, 2016
Equity method investments | $ | 162 |  |  | $ | 174 |
Cost method investments | 829 |  |  | 829 |
Total | $ | 991 |  |  | $ | 1,003 |
For additional information on impairment charges related to investments in privately held companies, see Note 9. Variable Interest Entities In the ordinary course of business, the Company has investments in privately held companies and provides financing to certain customers. These privately held companies and customers may be considered to be variable interest entities. The Company evaluates on an ongoing basis its investments in these privately held companies and its customer financings, and has determined that as of October 29, 2016, except as disclosed in Note 1, there were no significant variable interest entities required to be consolidated in the Company’s Consolidated Financial Statements. As discussed in Note 2, during the first quarter of fiscal 2017, the Company adopted a new accounting standard update related to the consolidation of certain types of legal entities. As of October 29, 2016, the carrying value of the Company's investments in privately held companies was $991 million, of which $609 million of such investments are considered to be in variable interest entities which are unconsolidated. In addition, the Company has additional funding commitments of $189 million related to these investments, some of which are based on the achievement of certain agreed-upon milestones, and some of which are required to be funded on demand. The carrying value of these investments and the additional funding commitments collectively represent the Company's maximum exposure related to these variable interest entities.

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