v3.19.1

Available-for-Sale Debt Investments and Equity Investments (Tables) | 9 Months Ended
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Apr. 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):
| April 27, 2019 |  | July 28, 2018
Available-for-sale debt investments | $ | 24,387 |  |  | $ | 37,009 |
Marketable equity securities | 5 |  |  | 605 |
Total investments | 24,392 |  |  | 37,614 |
Non-marketable equity securities included in other assets (1) | 1,135 |  |  | 978 |
Equity method investments included in other assets | 115 |  |  | 118 |
Total | $ | 25,642 |  |  | $ | 38,710 |
Summary of Available-for-Sale Investments | The following tables summarize our available-for-sale debt investments (in millions):
April 27, 2019 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. government securities | $ | 1,455 |  |  | $ | 1 |  |  | $ | (4 | ) |  | $ | 1,452 |
U.S. government agency securities | 264 |  |  | — |  |  | (1 | ) |  | 263 |
Corporate debt securities | 21,307 |  |  | 40 |  |  | (115 | ) |  | 21,232 |
U.S. agency mortgage-backed securities | 1,465 |  |  | 3 |  |  | (28 | ) |  | 1,440 |
Total (1) | $ | 24,491 |  |  | $ | 44 |  |  | $ | (148 | ) |  | $ | 24,387 |
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 (1) | $ | 37,512 |  |  | $ | 44 |  |  | $ | (547 | ) |  | $ | 37,009 |
(1) Net unsettled investment purchases were $1 million and net unsettled investment sales were $1.5 billion as of April 27, 2019 and July 28, 2018, respectively and were included in other current assets and other current liabilities.
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):
| Three Months Ended |  | Nine Months Ended
| April 27, 2019 |  | April 28, 2018 |  | April 27, 2019 |  | April 28, 2018
Gross realized gains | $ | 7 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | 15 |
Gross realized losses | (14 | ) |  | (40 | ) |  | (28 | ) |  | (146 | )
Total | $ | (7 | ) |  | $ | (39 | ) |  | $ | (18 | ) |  | $ | (131 | )
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 April 27, 2019 and July 28, 2018 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
April 27, 2019 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 8 |  |  | $ | — |  |  | $ | 1,409 |  |  | $ | (4 | ) |  | $ | 1,417 |  |  | $ | (4 | )
U.S. government agency securities | — |  |  | — |  |  | 263 |  |  | (1 | ) |  | 263 |  |  | (1 | )
Corporate debt securities | 1,851 |  |  | (7 | ) |  | 12,662 |  |  | (108 | ) |  | 14,513 |  |  | (115 | )
U.S. agency mortgage-backed securities | 48 |  |  | — |  |  | 1,155 |  |  | (28 | ) |  | 1,203 |  |  | (28 | )
Total | $ | 1,907 |  |  | $ | (7 | ) |  | $ | 15,489 |  |  | $ | (141 | ) |  | $ | 17,396 |  |  | $ | (148 | )
| 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 April 27, 2019 (in millions):
| Amortized Cost |  | Fair Value
Within 1 year | $ | 7,363 |  |  | $ | 7,353 |
After 1 year through 5 years | 13,892 |  |  | 13,826 |
After 5 years through 10 years | 1,760 |  |  | 1,756 |
After 10 years | 11 |  |  | 12 |
Mortgage-backed securities with no single maturity | 1,465 |  |  | 1,440 |
Total | $ | 24,491 |  |  | $ | 24,387 |
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 the third quarter and first nine months of fiscal 2019 as follows (in millions):
| Three Months Ended |  | Nine Months Ended
| April 27, 2019 |  | April 27, 2019
Adjustments to non-marketable equity securities measured using the measurement alternative: |  |  |
Upward adjustments | $ | 9 |  |  | $ | 33 |
Downward adjustments, including impairments | (4 | ) |  | (22 | )
Net upward adjustments | $ | 5 |  |  | $ | 11 |
Gains and losses recognized on our marketable and non-marketable equity securities for the third quarter and first nine months of fiscal 2019 are summarized below (in millions):
| Three Months Ended |  | Nine Months Ended
| April 27, 2019 |  | April 27, 2019
Net gains and losses recognized during the period on equity investments | $ | 3 |  |  | $ | 78 |
Less: Net gains and losses recognized on equity investments sold | (44 | ) |  | (51 | )
Unrealized gains and losses recognized during reporting period on equity securities still held at the reporting date | $ | (41 | ) |  | $ | 27 |

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