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Fair Value | 3 Months Ended
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Oct. 26, 2024
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):
| OCTOBER 26, 2024 |  | JULY 27, 2024
| FAIR VALUE MEASUREMENTS |  | FAIR VALUE MEASUREMENTS
| Level 1 |  | Level 2 |  | Total Balance |  | Level 1 |  | Level 2 |  | Total Balance
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 5,871 |  |  | $ | — |  |  | $ | 5,871 |  |  | $ | 3,334 |  |  | $ | — |  |  | $ | 3,334 |
Commercial paper | — |  |  | 112 |  |  | 112 |  |  | — |  |  | 468 |  |  | 468 |
Corporate debt securities | — |  |  | 18 |  |  | 18 |  |  | — |  |  | 25 |  |  | 25 |
Certificates of deposit | — |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 14 |
Available-for-sale debt investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | — |  |  | 2,368 |  |  | 2,368 |  |  | — |  |  | 2,353 |  |  | 2,353 |
U.S. government agency securities | — |  |  | 153 |  |  | 153 |  |  | — |  |  | 221 |  |  | 221 |
Non-U.S. government and agency securities | — |  |  | 389 |  |  | 389 |  |  | — |  |  | 371 |  |  | 371 |
Corporate debt securities | — |  |  | 3,512 |  |  | 3,512 |  |  | — |  |  | 3,677 |  |  | 3,677 |
U.S. agency mortgage-backed securities | — |  |  | 905 |  |  | 905 |  |  | — |  |  | 1,781 |  |  | 1,781 |
Commercial paper | — |  |  | 1,193 |  |  | 1,193 |  |  | — |  |  | 1,023 |  |  | 1,023 |
Certificates of deposit | — |  |  | 674 |  |  | 674 |  |  | — |  |  | 439 |  |  | 439 |
Equity investments: |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities | 412 |  |  | — |  |  | 412 |  |  | 481 |  |  | — |  |  | 481 |
Other current assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | 750 |  |  | — |  |  | 750 |  |  | 750 |  |  | — |  |  | 750 |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | 375 |  |  | — |  |  | 375 |  |  | 563 |  |  | — |  |  | 563 |
Derivative assets | — |  |  | 61 |  |  | 61 |  |  | — |  |  | 64 |  |  | 64 |
Total | $ | 7,408 |  |  | $ | 9,385 |  |  | $ | 16,793 |  |  | $ | 5,128 |  |  | $ | 10,436 |  |  | $ | 15,564 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | 72 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 74 |  |  | $ | 74 |
Total | $ | — |  |  | $ | 72 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 74 |  |  | $ | 74 |
Level 1 marketable equity 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. We use inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. We use such pricing data as the primary input to make our assessments and determinations as to the ultimate valuation of our investment portfolio and have not made, during the periods presented, any material adjustments to such inputs. We are ultimately responsible for the financial statements and underlying estimates. 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. (b)Assets Measured at Fair Value on a Nonrecurring Basis Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same issuer occur, or due to 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 approximates their carrying value due to their short duration. The aggregate carrying value of our long-term loan receivables as of each of October 26, 2024 and July 27, 2024 was $2.7 billion. The estimated fair value of our long-term loan receivables approximates their carrying value. We use unobservable inputs in determining discounted cash flows to estimate the fair value of our long-term loan receivables, and therefore they are categorized as Level 3. As of October 26, 2024, the estimated fair value of our short-term debt approximates its carrying value due to the short maturities. As of October 26, 2024, the fair value of our senior notes was $20.6 billion with a carrying amount of $20.1 billion. This compares to a fair value of $20.4 billion and a carrying amount of $20.1 billion as of July 27, 2024. 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.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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