Cisco 2005 Annual Report Download - page 54
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The following tables provide the breakdown of the investments with unrealized losses at July 30, 2005 and July 31, 2004 (in millions):
July 30, 2005
U.S. government notes and bonds $ 2,947 $ (21) $ 220 $ (4) $ 3,167 $ (25)
Corporate notes, bonds, and asset-backed securities 4,388 (52) 531 (11) 4,919 (63)
Municipal notes and bonds 260 (2) — — 260 (2)
Publicly traded equity securities 34 (5) 4 (1) 38 (6)
Total $ 7,629 $ (80) $ 755 $ (16) $ 8,384 $ (96)
The gross unrealized losses related to fixed income securities were primarily due to changes in interest rates. The gross unrealized
losses related to publicly traded equity securities were due to changes in market prices. The Company’s management has determined
that the gross unrealized losses on its investment securities at July 30, 2005 are temporary in nature. The Company reviews its investments to
identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is temporary
include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of
the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery
in market value. Substantially all of the Company’s fixed income securities are rated investment grade or better.
Notes to Consolidated Financial Statements