XML 37 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Available-for-Sale Debt and Equity Investments
 12 Months Ended
Jul. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Debt and Equity Investments Available-for-Sale Debt and Equity Investments
(a)Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):
July 31, 2021Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value
U.S. government securities
$1,773 $21 $— $1,794 
U.S. government agency securities 152 — — 152 
Non-U.S. government and agency securities3 — — 3 
Corporate debt securities8,727 213 (30)8,910 
U.S. agency mortgage-backed securities2,838 34 (10)2,862 
Commercial paper1,190 — — 1,190 
Certificates of deposit295 — — 295 
Total$14,978 $268 $(40)$15,206 
July 25, 2020Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. government securities
$2,614 $71 $— $2,685 
U.S. government agency securities 110 — — 110 
Corporate debt securities11,549 334 (6)11,877 
U.S. agency mortgage-backed securities1,987 49 (1)2,035 
Commercial paper727 — — 727 
Certificates of deposit176 — — 176 
Total$17,163 $454 $(7)$17,610 
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Years EndedJuly 31, 2021July 25, 2020July 27, 2019
Gross realized gains$55 $70 $17 
Gross realized losses(2)(28)(30)
Total$53 $42 $(13)
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 31, 2021 and July 25, 2020 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 31, 2021Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$468 $— $— $— $468 $— 
U.S. government agency securities26 — — — 26 — 
Corporate debt securities1,086 (5)6 — 1,092 (5)
U.S. agency mortgage-backed securities1,293 (10)13 — 1,306 (10)
Commercial paper37 — — — 37 — 
Total$2,910 $(15)$19 $— $2,929 $(15)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 25, 2020Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government agency securities $33 $— $— $— $33 $— 
Corporate debt securities1,060 (6)3 — 1,063 (6)
U.S. agency mortgage-backed securities265 (1)— — 265 (1)
Total$1,358 $(7)$3 $— $1,361 $(7)
The following table summarizes the maturities of our available-for-sale debt investments as of July 31, 2021 (in millions): 
Amortized CostFair Value
Within 1 year$4,981 $4,976 
After 1 year through 5 years6,517 6,677 
After 5 years through 10 years637 685 
After 10 years5 6 
Mortgage-backed securities with no single maturity2,838 2,862 
Total$14,978 $15,206 
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
(b)Summary of Equity Investments
We recognized a net unrealized gain during fiscal 2021 on our marketable securities still held as of the reporting date of $8 million. Our net adjustments to non-marketable equity securities measured using the measurement alternative still held was a net gain of $39 million and a net loss of $13 million for fiscal 2021 and 2020, respectively. We held equity interests in certain private equity funds of $0.9 billion and $0.7 billion as of July 31, 2021 and July 25, 2020, respectively, which are accounted for under the NAV practical expedient.
In the ordinary course of business, we have investments in privately held companies and provide financing to certain customers. These privately held companies and customers are evaluated for consolidation under the variable interest or voting interest entity models. We evaluate on an ongoing basis our investments in these privately held companies and our customer financings, and have determined that as of July 31, 2021, there were no significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements.
As of July 31, 2021, the carrying value of our investments in privately held companies was $1.5 billion. Of the total carrying value of our investments in privately held companies as of July 31, 2021, $0.9 billion of such investments are considered to be in variable interest entities which are unconsolidated. We have total funding commitments of $0.2 billion related to privately held investments, some of which may be 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 our maximum exposure related to privately held investments.