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Available-for-Sale Debt and Equity Investments | 6 Months Ended
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Jan. 28, 2023
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):
January 28, 2023 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized and Credit Losses |  | Fair Value
U.S. government securities | $ | 2,050 |  |  | $ | 2 |  |  | $ | (54) |  |  | $ | 1,998 |
U.S. government agency securities | 169 |  |  | — |  |  | (5) |  |  | 164 |
Non-U.S. government and agency securities | 354 |  |  | — |  |  | (1) |  |  | 353 |
Corporate debt securities | 7,480 |  |  | 5 |  |  | (345) |  |  | 7,140 |
U.S. agency mortgage-backed securities | 2,013 |  |  | 2 |  |  | (188) |  |  | 1,827 |
Commercial paper | 1,029 |  |  | — |  |  | — |  |  | 1,029 |
Certificates of deposit | 261 |  |  | — |  |  | — |  |  | 261 |
Total | $ | 13,356 |  |  | $ | 9 |  |  | $ | (593) |  |  | $ | 12,772 |
July 30, 2022 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized and Credit Losses |  | Fair Value
U.S. government securities | $ | 1,287 |  |  | $ | — |  |  | $ | (49) |  |  | $ | 1,238 |
U.S. government agency securities | 142 |  |  | — |  |  | (4) |  |  | 138 |
Non-U.S. government and agency securities | 272 |  |  | — |  |  | — |  |  | 272 |
Corporate debt securities | 8,127 |  |  | 2 |  |  | (311) |  |  | 7,818 |
U.S. agency mortgage-backed securities | 2,134 |  |  | — |  |  | (158) |  |  | 1,976 |
Commercial paper | 255 |  |  | — |  |  | — |  |  | 255 |
Certificates of deposit | 250 |  |  | — |  |  | — |  |  | 250 |
Total | $ | 12,467 |  |  | $ | 2 |  |  | $ | (522) |  |  | $ | 11,947 |
Net unsettled investment purchases were $15 million and net unsettled investment sales were $70 million as of January 28, 2023 and July 30, 2022, respectively, and were included in other current assets and other current liabilities. The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
| Three Months Ended |  | Six Months Ended
| January 28, 2023 |  | January 29, 2022 |  | January 28, 2023 |  | January 29, 2022
Gross realized gains | $ | 3 |  |  | $ | 13 |  |  | $ | 3 |  |  | $ | 19 |
Gross realized losses | (6) |  |  | (3) |  |  | (12) |  |  | (3) |
Total | $ | (3) |  |  | $ | 10 |  |  | $ | (9) |  |  | $ | 16 |
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 January 28, 2023 and July 30, 2022 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
January 28, 2023 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 470 |  |  | $ | (6) |  |  | $ | 1,086 |  |  | $ | (48) |  |  | $ | 1,556 |  |  | $ | (54) |
U.S. government agency securities | 33 |  |  | — |  |  | 121 |  |  | (5) |  |  | 154 |  |  | (5) |
Non-U.S. government and agency securities | 339 |  |  | (1) |  |  | — |  |  | — |  |  | 339 |  |  | (1) |
Corporate debt securities | 2,770 |  |  | (94) |  |  | 3,333 |  |  | (219) |  |  | 6,103 |  |  | (313) |
U.S. agency mortgage-backed securities | 305 |  |  | (12) |  |  | 1,440 |  |  | (176) |  |  | 1,745 |  |  | (188) |
Commercial paper | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  | — |
Total | $ | 3,957 |  |  | $ | (113) |  |  | $ | 5,980 |  |  | $ | (448) |  |  | $ | 9,937 |  |  | $ | (561) |
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
July 30, 2022 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 1,110 |  |  | $ | (44) |  |  | $ | 120 |  |  | $ | (5) |  |  | $ | 1,230 |  |  | $ | (49) |
U.S. government agency securities | 114 |  |  | (2) |  |  | 24 |  |  | (2) |  |  | 138 |  |  | (4) |
Non-U.S. government and agency securities | 264 |  |  | — |  |  | — |  |  | — |  |  | 264 |  |  | — |
Corporate debt securities | 6,920 |  |  | (240) |  |  | 422 |  |  | (37) |  |  | 7,342 |  |  | (277) |
U.S. agency mortgage-backed securities | 1,305 |  |  | (96) |  |  | 615 |  |  | (62) |  |  | 1,920 |  |  | (158) |
Total | $ | 9,713 |  |  | $ | (382) |  |  | $ | 1,181 |  |  | $ | (106) |  |  | $ | 10,894 |  |  | $ | (488) |
The following table summarizes the maturities of our available-for-sale debt investments as of January 28, 2023 (in millions):
| Amortized Cost |  | Fair Value
Within 1 year | $ | 4,806 |  |  | $ | 4,734 |
After 1 year through 5 years | 6,491 |  |  | 6,170 |
After 5 years through 10 years | 46 |  |  | 41 |
Mortgage-backed securities with no single maturity | 2,013 |  |  | 1,827 |
Total | $ | 13,356 |  |  | $ | 12,772 |
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 held marketable equity securities of $280 million and $241 million as of January 28, 2023 and July 30, 2022, respectively. We recognized a net unrealized gain of $11 million and a net unrealized loss of $9 million during the second quarter and first six months of fiscal 2023, respectively, and a net unrealized loss of $18 million and $13 million during the corresponding periods of fiscal 2022, respectively, on our marketable securities still held as of the reporting date. Our net adjustments to non-marketable equity securities measured using the measurement alternative still held was a net gain of $3 million and a net loss of $8 million for the second quarter and first six months of fiscal 2023, respectively, and a net gain of $14 million and $16 million for the corresponding periods of fiscal 2022, respectively. We held equity interests in certain private equity funds of $1.0 billion and $1.1 billion as of January 28, 2023 and July 30, 2022, 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 January 28, 2023, 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 $1.8 billion and $1.9 billion as of January 28, 2023 and July 30, 2022, respectively. Of the total carrying value of our investments in privately held companies as of January 28, 2023, $1.1 billion of such investments are considered to be in variable interest entities which are unconsolidated. As of January 28, 2023, we have total funding commitments of $0.3 billion related to privately held investments, some of which may be based on the achievement of certain agreed-upon milestones or 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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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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