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Marketable Securities
 3 Months Ended
Apr. 30, 2017
Notes to financial statements [Abstract]  
Marketable Securities
Marketable Securities
 
All of our cash equivalents and marketable securities are classified as “available-for-sale” securities. These securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of shareholders’ equity, net of tax, and net realized gains and losses recorded in total other income (expense) on the Condensed Consolidated Statements of Income.

We performed an impairment review of our investment portfolio as of April 30, 2017. Based on our quarterly impairment review, we concluded that our investments were appropriately valued and that no other-than-temporary impairment charges were necessary on our portfolio of available-for-sale investments as of April 30, 2017.

The following is a summary of cash equivalents and marketable securities as of April 30, 2017 and January 29, 2017:
 
 
April 30, 2017
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
Loss
 
Estimated
Fair Value
 
Reported as
 
 
 
 
 
Cash Equivalents
 
Marketable Securities
 
(In millions)
Corporate debt securities
$
1,866

 
$
1

 
$
(7
)
 
$
1,860

 
$
—

 
$
1,860

Debt securities of United States government agencies
1,067

 
—

 
(5
)
 
1,062

 
—

 
1,062

Debt securities issued by the United States Treasury
683

 
—

 
(2
)
 
681

 
—

 
681

Asset-backed securities
381

 
—

 
(1
)
 
380

 
—

 
380

Mortgage-backed securities issued by United States government-sponsored enterprises
169

 
2

 
(1
)
 
170

 
—

 
170

Foreign government bonds
64

 
—

 
—

 
64

 
—

 
64

Money market funds
41

 
—

 
—

 
41

 
41

 
—

Total
$
4,271

 
$
3

 
$
(16
)
 
$
4,258

 
$
41

 
$
4,217

 
January 29, 2017
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
Loss
 
Estimated
Fair Value
 
Reported as
 
 
 
 
 
Cash Equivalents
 
Marketable Securities
 
(In millions)
Corporate debt securities
$
2,397

 
$
1

 
$
(10
)
 
$
2,388

 
$
33

 
$
2,355

Debt securities of United States government agencies
1,193

 
—

 
(5
)
 
1,188

 
27

 
1,161

Debt securities issued by the United States Treasury
852

 
—

 
(2
)
 
850

 
55

 
795

Asset-backed securities
490

 
—

 
(1
)
 
489

 
—

 
489

Mortgage-backed securities issued by United States government-sponsored enterprises
161

 
2

 
(1
)
 
162

 
—

 
162

Foreign government bonds
70

 
—

 
—

 
70

 
—

 
70

Money market funds
321

 
—

 
—

 
321

 
321

 
—

Total
$
5,484

 
$
3

 
$
(19
)
 
$
5,468

 
$
436

 
$
5,032


 
The following table provides the breakdown of unrealized losses as of April 30, 2017, aggregated by investment category and length of time that individual securities have been in a continuous loss position: 
 
Less than 12 months
 
12 months or greater
 
Total
 
Estimated Fair Value
 
Gross
Unrealized
Losses
 
Estimated Fair Value
 
Gross
Unrealized
Losses
 
Estimated Fair Value
 
Gross
Unrealized
Losses
 
(In millions)
Corporate debt securities
$
1,390

 
$
(7
)
 
$
18

 
$
—

 
$
1,408

 
$
(7
)
Debt securities issued by United States government agencies
984

 
(5
)
 
17

 
—

 
1,001

 
(5
)
Debt securities issued by the United States Treasury
669

 
(2
)
 
—

 
—

 
669

 
(2
)
Asset-backed securities
355

 
(1
)
 
—

 
—

 
355

 
(1
)
Mortgage-backed securities issued by United States government-sponsored enterprises
51

 
—

 
36

 
(1
)
 
87

 
(1
)
 
$
3,449

 
$
(15
)
 
$
71

 
$
(1
)
 
$
3,520

 
$
(16
)


The gross unrealized losses related to fixed income securities were due to changes in interest rates. We have determined that the gross unrealized losses on investment securities as of April 30, 2017 are temporary in nature. Currently, we have the intent and ability to hold our investments with impairment indicators until maturity. Net realized gains and losses were not significant for the first quarter of fiscal years 2018 and 2017.

The amortized cost and estimated fair value of cash equivalents and marketable securities, which are primarily debt instruments, are classified as available-for-sale as of April 30, 2017 and January 29, 2017 and are shown below by contractual maturity:  

 
April 30, 2017
 
January 29, 2017
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(In millions)
Less than 1 year
$
1,353

 
$
1,353

 
$
2,209

 
$
2,209

Due in 1 - 5 years
2,853

 
2,840

 
3,210

 
3,194

Mortgage-backed securities issued by United States government-sponsored enterprises not due at a single maturity date
65

 
65

 
65

 
65

Total
$
4,271

 
$
4,258

 
$
5,484

 
$
5,468