INVESTMENTS

3 Months Ended

Apr. 29, 2022

Investments, Debt and Equity Securities [Abstract]

The Company has strategic investments in equity and other securities as well as investments in fixed-income debt securities. As of April 29, 2022 and January 28, 2022, total investments were $1.9 billion and $1.8 billion, respectively.

Equity and Other Securities

Equity and other securities include strategic investments in marketable and non-marketable securities. Investments in marketable securities are measured at fair value on a recurring basis. The Company has elected to apply the measurement alternative for non-marketable securities. Under the alternative, the Company measures investments without readily determinable fair values at cost, less impairment, adjusted by observable price changes. The Company makes a separate election to use the alternative for each eligible investment and is required to reassess at each reporting period whether an investment qualifies for the alternative. In evaluating these investments for impairment or observable price changes, the Company uses inputs including pre- and post-money valuations of recent financing events and the impact of those events on its fully diluted ownership percentages, as well as other available information regarding the issuer’s historical and forecasted performance.

Carrying Value of Equity and Other Securities

The following table presents the amortized cost, cumulative unrealized gains, cumulative unrealized losses, and carrying value of the Company's strategic investments in marketable and non-marketable equity securities as of the dates indicated:


	April 29, 2022								January 28, 2022
	Cost		Unrealized Gain		Unrealized Loss		Carrying Value		Cost		Unrealized Gain		Unrealized Loss		Carrying Value
	(in millions)
Marketable	$	114	$	78	$	(131)	$	61	$	126	$	79	$	(119)	$	86
Non-marketable	668		910		(65)		1,513		593		900		(52)		1,441
Total equity and other securities	$	782	$	988	$	(196)	$	1,574	$	719	$	979	$	(171)	$	1,527

Gains and Losses on Equity and Other Securities

The following table presents unrealized gains and losses on marketable and non-marketable equity and other securities for the periods indicated:


	April 29, 2022		April 30, 2021
	(in millions)
Marketable securities
Unrealized gain	$	—	$	16
Unrealized loss	(18)		(8)
Net unrealized gain (loss)	(18)		8
Non-marketable securities
Unrealized gain	21		182
Unrealized loss	—		(77)
Net unrealized gain (a)	21		105
Total net gain on equity and other securities	$	3	$	113

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(a) For all periods presented, net gains on non-marketable securities are due to upward adjustments for observable price changes offset by losses primarily attributable to impairments.

Fixed Income Debt Securities

The Company has fixed income debt securities carried at amortized cost which are held as collateral for borrowings. The Company intends to hold the investments to maturity.

The following table summarizes the Company’s debt securities as of the dates indicated:


	April 29, 2022								January 28, 2022
	Amortized Cost		Unrealized Gains		Unrealized Loss		Carrying Value		Amortized Cost		Unrealized Gains		Unrealized Loss		Carrying Value
	(in millions)
Fixed income debt securities	$	334	$	28	$	(68)	$	294	$	333	$	26	$	(47)	$	312