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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 27, 2013 and July 28, 2012 (in millions):
UNREALIZED LOSSES
LESS THAN 12 MONTHS
UNREALIZED LOSSES
12 MONTHS OR GREATER TOTAL
July 27, 2013 Fair Value
Gross
Unrealized
Losses Fair Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fixed income securities:
U.S. government securities ................ $ 7,865 $(13) $ — $ — $ 7,865 $(13)
U.S. government agency securities ......... 294 (1) — — 294 (1)
Non-U.S. government and agency securities ... 432 (2) — — 432 (2)
Corporate debt securities ................. 3,704 (50) 4 — 3,708 (50)
Total fixed income securities .......... 12,295 (66) 4 — 12,299 (66)
Publicly traded equity securities ............... 278 (4) — — 278 (4)
Total .......................... $12,573 $(70) $ 4 $ — $12,577 $(70)
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 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)
As of July 27, 2013, for fixed income securities that were in unrealized loss positions, the Company has determined that (i) it
does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any
of these investments before recovery of the entire amortized cost basis. In addition, as of July 27, 2013, the Company
anticipates that it will recover the entire amortized cost basis of such fixed income securities and has determined that no other-
than-temporary impairments associated with credit losses were required to be recognized during the year ended July 27, 2013.
The Company has evaluated its publicly traded equity securities as of July 27, 2013 and has determined that there was no
indication of other-than-temporary impairments in the respective categories of unrealized losses. This determination was based
on several factors, which 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 issuer, and the Company’s intent and ability to hold the publicly traded
equity securities for a period of time sufficient to allow for any anticipated recovery in market value.
(c) Maturities of Fixed Income Securities
The following table summarizes the maturities of the Company’s fixed income securities at July 27, 2013 (in millions):
Amortized
Cost Fair Value
Less than 1 year ....................................................................... $15,903 $15,918
Due in 1 to 2 years ..................................................................... 11,115 11,144
Due in 2 to 5 years ..................................................................... 12,706 12,681
Due after 5 years ...................................................................... 143 145
Total ............................................................................ $39,867 $39,888
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain
obligations.
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