Cisco 2012 Annual Report Download - page 112

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(b) Gains and Losses on Available-for-Sale Investments
The following table presents the gross realized gains and gross realized losses related to the Company’s
available-for-sale investments (in millions):
Years Ended July 28, 2012 July 30, 2011 July 31, 2010
Gross realized gains ....................... $ 641 $ 348 $ 279
Gross realized losses ....................... (540) (169) (110)
Total ............................... $ 101 $ 179 $ 169
The following table presents the realized net gains (losses) related to the Company’s available-for-sale
investments (in millions):
Years Ended July 28, 2012 July 30, 2011 July 31, 2010
Net gains on investments in publicly traded
equity securities ........................ $43 $88 $66
Net gains on investments in fixed income
securities .............................. 58 91 103
Total ................................... $101 $179 $169
Impairment charges on available-for-sale investments were not material for the periods presented.
The following table summarizes the activity related to credit losses for fixed income securities (in millions):
July 28, 2012 July 30, 2011
Balance at beginning of fiscal year ....................... $ (23) $(95)
Sales of other-than-temporarily impaired fixed income
securities .......................................... 23 72
Balance at end of fiscal year ............................ $— $(23)
The following tables present the breakdown of the available-for-sale investments with gross unrealized losses
and the duration that those losses had been unrealized at July 28, 2012 and July 30, 2011 (in millions):
UNREALIZED LOSSES
LESS THAN 12 MONTHS
UNREALIZED LOSSES
12 MONTHS OR GREATER TOTAL
July 28, 2012 Fair Value
Gross
Unrealized
Losses Fair Value
Gross
Unrealized
Losses Fair Value
Gross
Unrealized
Losses
Fixed income securities:
U.S. government agency securities .... $5,357 $ (1) $ — $ — $5,357 $ (1)
Corporate debt securities ........... 603 (3) 14 — 617 (3)
Total fixed income securities ..... 5,960 (4) 14 — 5,974 (4)
Publicly traded equity securities .......... 167 (8) 20 (3) 187 (11)
Total ..................... $6,127 $(12) $ 34 $ (3) $6,161 $(15)
104