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8. Investments
(a) Summary of Available-for-Sale Investments
The following tables summarize the Company’s available-for-sale investments (in millions):
July 27, 2013
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Fixed income securities:
U.S. government securities ........................... $27,814 $ 22 $(13) $27,823
U.S. government agency securities ..................... 3,083 7 (1) 3,089
Non-U.S. government and agency securities ............. 1,094 3 (2) 1,095
Corporate debt securities ............................ 7,876 55 (50) 7,881
Total fixed income securities ...................... 39,867 87 (66) 39,888
Publicly traded equity securities ........................... 2,063 738 (4) 2,797
Total ...................................... $41,930 $825 $(70) $42,685
July 28, 2012
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Fixed income securities:
U.S. government securities ............................ $24,201 $ 41 $ (1) $24,241
U.S. government agency securities ...................... 5,367 21 — 5,388
Non-U.S. government and agency securities ............... 1,629 9 — 1,638
Corporate debt securities .............................. 5,959 74 (3) 6,030
Total fixed income securities ....................... 37,156 145 (4) 37,297
Publicly traded equity securities ............................ 1,107 524 (11) 1,620
Total ...................................... $38,263 $669 $ (15) $38,917
U.S. government agency securities include corporate debt securities that are guaranteed by the Federal Deposit Insurance
Corporation (FDIC), while non-U.S. government and agency securities include agency and corporate debt securities that are
guaranteed by non-U.S. governments.
(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 27, 2013 July 28, 2012 July 30, 2011
Gross realized gains .................................. $ 264 $ 561 $ 322
Gross realized losses ................................. (216) (460) (143)
Total .......................................... $48 $ 101 $ 179
The following table presents the realized net gains (losses) related to the Company’s available-for-sale investments by security
type (in millions):
Years Ended July 27, 2013 July 28, 2012 July 30, 2011
Net gains on investments in publicly traded equity
securities ......................................... $17 $43 $88
Net gains on investments in fixed income securities ......... 31 58 91
Total .............................................. $48 $101 $179
Impairment charges on available-for-sale investments were not material for the periods presented.
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