Investments (Tables)

3 Months Ended

Jul. 26, 2013

Information Regarding Short-term and Long-term Investments

Information regarding the Company’s investments at July 26, 2013 is as follows:



(in millions)	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities:
Corporate debt securities	$	4,801	$	37	$	(33	)	$	4,805
Auction rate securities	118		—		(11		)	107
Mortgage-backed securities	1,067		4		(12		)	1,059
U.S. government and agency securities	3,631		7		(39		)	3,599
Foreign government and agency securities	29		—		—			29
Certificates of deposit	6		—		—			6
Other asset-backed securities	628		1		(2		)	627
Debt funds	436		3		(9		)	430
Marketable equity securities	69		58		—			127
Trading securities:
Exchange-traded funds	47		8		—			55
Cost method, equity method, and other investments	616		—		—			NA
Total	$	11,448	$	118	$	(106	)	$	10,844

Information regarding the Company’s investments at April 26, 2013 is as follows:



(in millions)	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities:
Corporate debt securities	$	4,587	$	78	$	(4	)	$	4,661
Auction rate securities	118		—		(15		)	103
Mortgage-backed securities	1,050		8		(5		)	1,053
U.S. government and agency securities	3,882		17		(1		)	3,898
Foreign government and agency securities	38		—		—			38
Certificates of deposit	6		—		—			6
Other asset-backed securities	539		2		—			541
Marketable equity securities	82		75		(2		)	155
Trading securities:
Exchange-traded funds	45		5		—			50
Cost method, equity method, and other investments	549		—		—			NA
Total	$	10,896	$	185	$	(27	)	$	10,505

Information Regarding Available-for-sale and Trading Securities

Information regarding the Company’s condensed consolidated balance sheets presentation at July 26, 2013 and April 26, 2013 is as follows:



	July 26, 2013				April 26, 2013
(in millions)	Investments		Other Assets		Investments		Other Assets
Available-for-sale securities	$	10,521	$	268	$	10,161	$	294
Trading securities	55		—		50		—
Cost method, equity method, and other investments	—		616		—		549
Total	$	10,576	$	884	$	10,211	$	843

Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary for Less than 12 Months and for More than 12 months, Aggregated by Investment Category

The following tables show the gross unrealized losses and fair values of the Company’s available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category as of July 26, 2013 and April 26, 2013:



	July 26, 2013
	Less than 12 months					More than 12 months
(in millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate debt securities	$	2,243	$	(31	)	$	13	$	(2	)
Auction rate securities	—		—			107		(11		)
Mortgage-backed securities	697		(9		)	44		(3		)
U.S. government and agency securities	1,630		(39		)	—		—
Other asset-backed securities	301		(2		)	—		—
Debt funds	155		(9		)	—		—
Total	$	5,026	$	(90	)	$	164	$	(16	)



	April 26, 2013
	Less than 12 months					More than 12 months
(in millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate debt securities	$	544	$	(1	)	$	13	$	(3	)
Auction rate securities	—		—			103		(15		)
Mortgage-backed securities	195		(1		)	44		(4		)
U.S. government and agency securities	291		(1		)	—		—
Marketable equity securities	14		(2		)	—		—
Total	$	1,044	$	(5	)	$	160	$	(22	)

Activity related to the Company’s investment portfolio is as follows:



	Three months ended
	July 26, 2013					July 27, 2012
(in millions)	Debt (a)			Equity (b)		Debt (a)			Equity (b)
Proceeds from sales	$	2,163		$	32	$	1,871		$	24
Gross realized gains	6			18		17			8
Gross realized losses	(5		)	—		(3		)	—
Impairment losses recognized	—			—		—			(6		)

(a) Includes available-for-sale debt securities.

(b) Includes marketable equity securities, cost method, equity method, exchange-traded funds, and other investments.

Credit Loss Portion of Other-than-temporary Impairments on Debt Securities Held by the Company

The total other-than-temporary impairment losses on available-for-sale debt securities for the three months ended July 26, 2013 and July 27, 2012 were not significant.

Schedule of Available-for-sale Securities Contractual Maturities



(in millions)	July 26, 2013
Due in one year or less	$	1,512
Due after one year through five years	6,847
Due after five years through ten years	1,759
Due after ten years	114
Total	$	10,232

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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