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Fair Value
 12 Months Ended
Jul. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
(a)Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis were as follows (in millions):
JULY 31, 2021JULY 25, 2020
FAIR VALUE MEASUREMENTSFAIR VALUE MEASUREMENTS
Level 1Level 2Total
Balance		Level 1Level 2Level 3Total
Balance
Assets:
Cash equivalents:
Money market funds$5,694 $— $5,694 $9,687 $— $— $9,687 
Commercial paper— 114 114 — — — — 
U.S. government securities— 300 300 — — — — 
Corporate debt securities— — — — 8 — 8 
Available-for-sale debt investments:
U.S. government securities— 1,794 1,794 — 2,685 — 2,685 
U.S. government agency securities— 152 152 — 110 — 110 
Corporate debt securities— 8,910 8,910 — 11,877 — 11,877 
U.S. agency mortgage-backed securities— 2,862 2,862 — 2,035 — 2,035 
Non-U.S. government agency securities— 3 3 — — — — 
Commercial paper— 1,190 1,190 — 727 — 727 
Certificates of deposit— 295 295 — 176 — 176 
Equity investments:
Marketable equity securities137 — 137 — — — — 
Other assets:
Money market funds750 — 750 — — — — 
Derivative assets— 126 126 — 190 1 191 
Total$6,581 $15,746 $22,327 $9,687 $17,808 $1 $27,496 
Liabilities:
Derivative liabilities$— $20 $20 $— $10 $— $10 
Total$— $20 $20 $— $10 $— $10 
Level 1 marketable securities are determined by using quoted prices in active markets for identical assets. Level 2 available-for-sale debt investments are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. Our derivative instruments are primarily classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. We did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented. Level 3 assets include certain derivative instruments, the values of which are determined based on discounted cash flow models using inputs that we could not corroborate with market data.
(b)Assets Measured at Fair Value on a Nonrecurring Basis
The carrying value of our non-marketable equity securities measured using the measurement alternative recorded to fair value on a non-recurring basis is adjusted for observable transactions for identical or similar investments of the same issuer or impairment. These securities are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.
(c)Other Fair Value Disclosures
The fair value of our short-term loan receivables and financed service contracts approximates their carrying value due to their short duration. The aggregate carrying value of our long-term loan receivables and financed service contracts as of July 31, 2021 and July 25, 2020 was $4.0 billion and $4.5 billion, respectively. The estimated fair value of our long-term loan
receivables and financed service contracts approximates their carrying value. We use significant unobservable inputs in determining discounted cash flows to estimate the fair value of our long-term loan receivables and financed service contracts, and therefore they are categorized as Level 3.As of July 31, 2021 and July 25, 2020, the estimated fair value of our short-term debt approximates its carrying value due to the short maturities. As of July 31, 2021, the fair value of our senior notes was $13.7 billion, with a carrying amount of $11.5 billion. This compares to a fair value of $17.4 billion and a carrying amount of $14.6 billion as of July 25, 2020. The fair value of the senior notes was determined based on observable market prices in a less active market and was categorized as Level 2 in the fair value hierarchy.