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Available-for-Sale Debt and Equity Investments | 9 Months Ended
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May 01, 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):
May 1, 2021 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized and Credit Losses |  | Fair Value
U.S. government securities | $ | 1,881 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 1,903 |
U.S. government agency securities | 167 |  |  | — |  |  | — |  |  | 167 |
Non-U.S. government and agency securities | 3 |  |  | — |  |  | — |  |  | 3 |
Corporate debt securities | 9,329 |  |  | 218 |  |  | (35) |  |  | 9,512 |
U.S. agency mortgage-backed securities | 2,788 |  |  | 35 |  |  | (13) |  |  | 2,810 |
Commercial paper | 1,333 |  |  | — |  |  | — |  |  | 1,333 |
Certificates of deposit | 440 |  |  | — |  |  | — |  |  | 440 |
Total (1) | $ | 15,941 |  |  | $ | 275 |  |  | $ | (48) |  |  | $ | 16,168 |
July 25, 2020 | Amortized 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 securities | 11,549 |  |  | 334 |  |  | (6) |  |  | 11,877 |
U.S. agency mortgage-backed securities | 1,987 |  |  | 49 |  |  | (1) |  |  | 2,035 |
Commercial paper | 727 |  |  | — |  |  | — |  |  | 727 |
Certificates of deposit | 176 |  |  | — |  |  | — |  |  | 176 |
Total | $ | 17,163 |  |  | $ | 454 |  |  | $ | (7) |  |  | $ | 17,610 |
(1) Net unsettled investment sales were $262 million as of May 1, 2021 and were included in other current assets. 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
| May 1, 2021 |  | April 25, 2020 |  | May 1, 2021 |  | April 25, 2020
Gross realized gains | $ | 24 |  |  | $ | 20 |  |  | $ | 48 |  |  | $ | 45 |
Gross realized losses | (2) |  |  | (21) |  |  | (2) |  |  | (25) |
Total | $ | 22 |  |  | $ | (1) |  |  | $ | 46 |  |  | $ | 20 |
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 May 1, 2021 and July 25, 2020 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
May 1, 2021 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 468 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 468 |  |  | $ | — |
U.S. government agency securities | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  | — |
Corporate debt securities | 1,242 |  |  | (10) |  |  | 6 |  |  | — |  |  | 1,248 |  |  | (10) |
U.S. agency mortgage-backed securities | 1,618 |  |  | (13) |  |  | — |  |  | — |  |  | 1,618 |  |  | (13) |
Commercial paper | 46 |  |  | — |  |  | — |  |  | — |  |  | 46 |  |  | — |
Certificates of deposit | 16 |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |
Total | $ | 3,416 |  |  | $ | (23) |  |  | $ | 6 |  |  | $ | — |  |  | $ | 3,422 |  |  | $ | (23) |
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
July 25, 2020 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government agency securities | $ | 33 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33 |  |  | $ | — |
Corporate debt securities | 1,060 |  |  | (6) |  |  | 3 |  |  | — |  |  | 1,063 |  |  | (6) |
U.S. agency mortgage-backed securities | 265 |  |  | (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 May 1, 2021 (in millions):
| Amortized Cost |  | Fair Value
Within 1 year | $ | 5,608 |  |  | $ | 5,605 |
After 1 year through 5 years | 6,296 |  |  | 6,428 |
After 5 years through 10 years | 1,244 |  |  | 1,318 |
After 10 years | 5 |  |  | 7 |
Mortgage-backed securities with no single maturity | 2,788 |  |  | 2,810 |
Total | $ | 15,941 |  |  | $ | 16,168 |
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 Our net unrealized gains recognized during the reporting period on our marketable securities still held as of May 1, 2021 was $3 million for each of the third quarter and first nine months of fiscal 2021. Our net adjustments to non-marketable equity securities measured using the measurement alternative was a net loss of $3 million and a net gain of $1 million for the third quarter and first nine months of fiscal 2021, respectively. These adjustments were net losses of $4 million and $1 million for the corresponding periods of fiscal 2020, respectively. We held equity interests in certain private equity funds of $0.8 billion and $0.7 billion as of May 1, 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 May 1, 2021, except as disclosed herein, there were no significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements. The carrying value of our investments in privately held companies was $1.4 billion and $1.3 billion as of May 1, 2021 and July 25, 2020, respectively. Of the total carrying value of our investments in privately held companies as of May 1, 2021, $0.8 billion of such investments are considered to be in variable interest entities which are unconsolidated. As of May 1, 2021, 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.

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