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Available-for-Sale Debt Investments and Equity Investments (Tables) | 12 Months Ended
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Jul. 27, 2019
Investments, Debt and Equity Securities [Abstract] |
Summary of Available-for-Sale Debt Investments and Equity Investments | The following table summarizes our available-for-sale debt investments and equity investments (in millions):
| July 27, 2019 |  | July 28, 2018
Available-for-sale debt investments | $ | 21,660 |  |  | $ | 37,009 |
Marketable equity securities | 3 |  |  | 605 |
Total investments | 21,663 |  |  | 37,614 |
Non-marketable equity securities included in other assets (1) | 1,113 |  |  | 978 |
Equity method investments included in other assets | 87 |  |  | 118 |
Total | $ | 22,863 |  |  | $ | 38,710 |
(1) We held equity interests in certain private equity funds of $0.6 billion as of July 27, 2019 which are accounted for under the NAV practical expedient following the adoption of ASU 2016-01, Financial Instruments, starting in the first quarter of fiscal 2019.
Summary of Available-for-Sale Investments | The following tables summarize our available-for-sale debt investments (in millions):
July 27, 2019 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. government securities | $ | 808 |  |  | $ | 1 |  |  | $ | (1 | ) |  | $ | 808 |
U.S. government agency securities | 169 |  |  | — |  |  | — |  |  | 169 |
Corporate debt securities | 19,188 |  |  | 103 |  |  | (29 | ) |  | 19,262 |
U.S. agency mortgage-backed securities | 1,425 |  |  | 7 |  |  | (11 | ) |  | 1,421 |
Total | $ | 21,590 |  |  | $ | 111 |  |  | $ | (41 | ) |  | $ | 21,660 |
July 28, 2018 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. government securities | $ | 7,318 |  |  | $ | — |  |  | $ | (43 | ) |  | $ | 7,275 |
U.S. government agency securities | 732 |  |  | — |  |  | (5 | ) |  | 727 |
Non-U.S. government and agency securities | 209 |  |  | — |  |  | (1 | ) |  | 208 |
Corporate debt securities | 27,765 |  |  | 44 |  |  | (445 | ) |  | 27,364 |
U.S. agency mortgage-backed securities | 1,488 |  |  | — |  |  | (53 | ) |  | 1,435 |
Total | $ | 37,512 |  |  | $ | 44 |  |  | $ | (547 | ) |  | $ | 37,009 |
Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment | The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Years Ended | July 27, 2019 |  | July 28, 2018 |  | July 29, 2017
Gross realized gains | $ | 17 |  |  | $ | 16 |  |  | $ | 69 |
Gross realized losses | (30 | ) |  | (258 | ) |  | (111 | )
Total | $ | (13 | ) |  | $ | (242 | ) |  | $ | (42 | )
Available-for-Sale Investments with Gross Unrealized Losses | The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at July 27, 2019 and July 28, 2018 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
July 27, 2019 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 204 |  |  | $ | — |  |  | $ | 488 |  |  | $ | (1 | ) |  | $ | 692 |  |  | $ | (1 | )
U.S. government agency securities | — |  |  | — |  |  | 169 |  |  | — |  |  | 169 |  |  | — |
Corporate debt securities | 2,362 |  |  | (4 | ) |  | 5,271 |  |  | (25 | ) |  | 7,633 |  |  | (29 | )
U.S. agency mortgage-backed securities | 123 |  |  | — |  |  | 847 |  |  | (11 | ) |  | 970 |  |  | (11 | )
Total | $ | 2,689 |  |  | $ | (4 | ) |  | $ | 6,775 |  |  | $ | (37 | ) |  | $ | 9,464 |  |  | $ | (41 | )
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
July 28, 2018 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 2,966 |  |  | $ | (20 | ) |  | $ | 4,303 |  |  | $ | (23 | ) |  | $ | 7,269 |  |  | $ | (43 | )
U.S. government agency securities | 206 |  |  | (2 | ) |  | 521 |  |  | (3 | ) |  | 727 |  |  | (5 | )
Non-U.S. government and agency securities | 105 |  |  | (1 | ) |  | 103 |  |  | — |  |  | 208 |  |  | (1 | )
Corporate debt securities | 16,990 |  |  | (344 | ) |  | 3,511 |  |  | (101 | ) |  | 20,501 |  |  | (445 | )
U.S. agency mortgage-backed securities | 826 |  |  | (24 | ) |  | 581 |  |  | (29 | ) |  | 1,407 |  |  | (53 | )
Total | $ | 21,093 |  |  | $ | (391 | ) |  | $ | 9,019 |  |  | $ | (156 | ) |  | $ | 30,112 |  |  | $ | (547 | )
Maturities of Fixed Income Securities | The following table summarizes the maturities of our available-for-sale debt investments as of July 27, 2019 (in millions):
| Amortized Cost |  | Fair Value
Within 1 year | $ | 6,322 |  |  | $ | 6,324 |
After 1 year through 5 years | 12,191 |  |  | 12,218 |
After 5 years through 10 years | 1,643 |  |  | 1,687 |
After 10 years | 9 |  |  | 10 |
Mortgage-backed securities with no single maturity | 1,425 |  |  | 1,421 |
Total | $ | 21,590 |  |  | $ | 21,660 |
Summary of Adjustments to Carrying Value of Investments | We recorded adjustments to the carrying value of our non-marketable equity securities measured using the measurement alternative during fiscal 2019 as follows (in millions):
| July 27, 2019
Adjustments to non-marketable equity securities measured using the measurement alternative: |
Upward adjustments | $ | 35 |
Downward adjustments, including impairments | (57 | )
Net adjustments | $ | (22 | )
Gains and losses recognized on our marketable and non-marketable equity securities for fiscal 2019 are as follows (in millions):
| July 27, 2019
Net gains and losses recognized during the period on equity investments | $ | 58 |
Less: Net gains and losses recognized on equity investments sold | (69 | )
Net unrealized gains and losses recognized during reporting period on equity securities still held at the reporting date | $ | (11 | )

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