Available-for-Sale Debt Investments and Equity Investments (Tables)
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9 Months Ended |
Apr. 27, 2019 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 |
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| 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 |
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| | | | | | | | | | | | | | | | | 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 |
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(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 | ) |
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| 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 | ) |
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| 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 |
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| 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 |
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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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