8.	Investments

(a) Summary of Available-for-Sale Investments

The following tables summarize the Company's available-for-sale investments (in millions):


April 28, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Fixed income securities:
U.S. government securities	$	25,118	$	41	$	(2	)	$	25,157
U.S. government agency securities		6,884		24		—			6,908
Non-U.S. government and agency securities		2,219		8		—			2,227
Corporate debt securities		6,080		57		(6	)		6,131
Asset-backed securities		16		—		(2	)		14

Total fixed income securities		40,317		130		(10	)		40,437
Publicly traded equity securities		826		692		(4	)		1,514

Total	$	41,143	$	822	$	(14	)	$	41,951


July 30, 2011	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Fixed income securities:
U.S. government securities	$	19,087	$	52	$	—		$	19,139
U.S. government agency securities		8,742		35		(1	)		8,776
Non-U.S. government and agency securities		3,119		14		(1	)		3,132
Corporate debt securities		4,333		65		(4	)		4,394
Asset-backed securities		120		5		(4	)		121

Total fixed income securities		35,401		171		(10	)		35,562
Publicly traded equity securities		734		639		(12	)		1,361

Total	$	36,135	$	810	$	(22	)	$	36,923

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):


	Three Months Ended						Nine Months Ended
	April 28, 2012			April 30, 2011			April 28, 2012			April 30, 2011
Gross realized gains	$	118		$	107		$	542		$	272
Gross realized losses		(88	)		(58	)		(466	)		(116	)

Total	$	30		$	49		$	76		$	156

The following table presents the realized net gains (losses) related to the Company's available-for-sale investments (in millions):


	Three Months Ended				Nine Months Ended
	April 28, 2012		April 30, 2011		April 28, 2012		April 30, 2011
Net gains on investments in publicly traded equity securities	$	15	$	42	$	30	$	72
Net gains on investments in fixed income securities		15		7		46		84

Total	$	30	$	49	$	76	$	156

Impairment charges on available-for-sale investments were not material for the periods presented.

The following table summarizes the activity related to credit losses for fixed income securities (in millions):


Nine Months Ended	April 28, 2012			April 30, 2011
Balance at beginning of period	$	(23	)	$	(95	)
Sales of other-than-temporarily impaired fixed income securities		22			52

Balance at end of period	$	(1	)	$	(43	)

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 April 28, 2012 and July 30, 2011 (in millions):


	UNREALIZED LOSSES LESS THAN 12 MONTHS					UNREALIZED LOSSES 12 MONTHS OR GREATER					TOTAL
April 28, 2012	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fixed income securities:
U.S. government securities	$	6,756	$	(2	)	$	—	$	—		$	6,756	$	(2	)
Corporate debt securities		1,718		(6	)		21		—			1,739		(6	)
Asset-backed securities		—		—			14		(2	)		14		(2	)

Total fixed income securities		8,474		(8	)		35		(2	)		8,509		(10	)
Publicly traded equity securities		42		(4	)		1		—			43		(4	)

Total	$	8,516	$	(12	)	$	36	$	(2	)	$	8,552	$	(14	)


	UNREALIZED LOSSES LESS THAN 12 MONTHS					UNREALIZED LOSSES 12 MONTHS OR GREATER					TOTAL
July 30, 2011	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fixed income securities:
U.S. government agency securities	$	2,310	$	(1	)	$	—	$	—		$	2,310	$	(1	)
Non-U.S. government and agency securities		875		(1	)		—		—			875		(1	)
Corporate debt securities		548		(2	)		56		(2	)		604		(4	)
Asset-backed securities		—		—			105		(4	)		105		(4	)

Total fixed income securities		3,733		(4	)		161		(6	)		3,894		(10	)
Publicly traded equity securities		112		(12	)		—		—			112		(12	)

Total	$	3,845	$	(16	)	$	161	$	(6	)	$	4,006	$	(22	)

As of April 28, 2012, 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 April 28, 2012, 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 three and nine months ended April 28, 2012.

The Company has evaluated its publicly traded equity securities as of April 28, 2012 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 April 28, 2012 (in millions):


	Amortized Cost		Fair Value
Less than 1 year	$	18,983	$	19,005
Due in 1 to 2 years		13,046		13,091
Due in 2 to 5 years		8,175		8,226
Due after 5 years		113		115

Total	$	40,317	$	40,437

Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.

(d) Securities Lending

The Company periodically engages in securities lending activities with certain of its available-for-sale investments. These transactions are accounted for as a secured lending of the securities, and the securities are typically loaned only on an overnight basis. The average daily balance of securities lending for the nine months ended April 28, 2012 was approximately $0.4 billion. The average daily balance of securities lending for the nine months ended April 30, 2011 was approximately $1.9 billion. The Company requires collateral equal to at least 102% of the fair market value of the loaned security in the form of cash or liquid, high-quality assets. The Company engages in these secured lending transactions only with highly creditworthy counterparties, and the associated portfolio custodian has agreed to indemnify the Company against any collateral losses. The Company did not experience any losses in connection with the secured lending of securities during the periods presented. As of April 28, 2012 and July 30, 2011, the Company had no outstanding securities lending transactions.