v3.25.2
Fair Value
 12 Months Ended
Jul. 26, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
(a)Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis were as follows (in millions):
JULY 26, 2025JULY 27, 2024
FAIR VALUE MEASUREMENTSFAIR VALUE MEASUREMENTS
Level 1Level 2Total
Balance		Level 1Level 2Total
Balance
Assets:
Cash equivalents:
Money market funds$5,885 $— $5,885 $3,334 $— $3,334 
Commercial paper— 336 336 — 468 468 
Certificates of deposit— — — — 14 14 
Corporate debt securities— 1 1 — 25 25 
Available-for-sale debt investments:
U.S. government securities— 1,961 1,961 — 2,353 2,353 
U.S. government agency securities— 67 67 — 221 221 
Non-U.S. government and agency securities— 458 458 — 371 371 
Corporate debt securities— 3,090 3,090 — 3,677 3,677 
U.S. agency mortgage-backed securities— 286 286 — 1,781 1,781 
Commercial paper— 950 950 — 1,023 1,023 
Certificates of deposit— 569 569 — 439 439 
Equity investments:
Marketable equity securities383 — 383 481 — 481 
Other current assets:
Money market funds563 — 563 750 — 750 
Other assets:
Money market funds— — — 563 — 563 
Derivative assets— 32 32 — 64 64 
Total$6,831 $7,750 $14,581 $5,128 $10,436 $15,564 
Liabilities:
Derivative liabilities$— $31 $31 $— $74 $74 
Total$— $31 $31 $— $74 $74 
(b)Assets Measured at Fair Value on a Nonrecurring Basis
Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same issuer occur, or due to impairment. These securities are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.
The fair value for purchased intangible assets measured at fair value on a nonrecurring basis was categorized as Level 3 due to the use of significant unobservable inputs in the valuation. Significant unobservable inputs that were used included expected revenues and net income related to the assets and the expected life of the assets. The difference between the estimated fair value and the carrying value of the assets was recorded as an impairment charge, which was included in product cost of sales and operating expenses as applicable. See Note 5.
(c) Other Fair Value Disclosures
The fair value of our short-term loan receivables approximates their carrying value due to their short duration. The aggregate carrying value of our long-term loan receivables as of July 26, 2025 and July 27, 2024 was $2.9 billion and $2.7 billion,
respectively. The estimated fair value of our long-term loan receivables approximates their carrying value. We use unobservable inputs in determining discounted cash flows to estimate the fair value of our long-term loan receivables, and therefore they are categorized as Level 3.
As of July 26, 2025 and July 27, 2024, the estimated fair value of our short-term debt approximates its carrying value due to the short maturities. As of July 26, 2025, the fair value of our senior notes was $25.0 billion, with a carrying amount of $24.6 billion. This compares to a fair value of $20.4 billion and a carrying amount of $20.1 billion as of July 27, 2024. The fair value of the senior notes was determined based on observable market prices in a less active market and was categorized as Level 2.