v3.25.0.1
Fair Value of Financial Assets and Liabilities and Non-marketable Equity Securities
 12 Months Ended
Jan. 26, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities and Non-marketable Equity Securities Fair Value of Financial Assets and Liabilities and Non-marketable Equity Securities
The fair values of our financial assets and liabilities are determined using quoted market prices of identical assets or market prices of similar assets from active markets. We review fair value classification on a quarterly basis.
Fair Value at
Pricing CategoryJan 26, 2025Jan 28, 2024
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$3,760 $3,031 
Publicly-held equity securitiesLevel 1$381 $— 
Corporate debt securitiesLevel 2$18,526 $10,152 
Debt securities issued by the U.S. TreasuryLevel 2$16,769 $9,524 
Debt securities issued by U.S. government agenciesLevel 2$2,777 $2,333 
Foreign government bondsLevel 2$177 $174 
Certificates of depositLevel 2$97 $510 
Other assets:
Publicly-held equity securitiesLevel 1$— $225 
Liabilities (1)
0.584% Notes Due 2024
Level 2$— $1,228 
3.20% Notes Due 2026
Level 2$982 $970 
1.55% Notes Due 2028
Level 2$1,136 $1,115 
2.85% Notes Due 2030
Level 2$1,376 $1,367 
2.00% Notes Due 2031
Level 2$1,064 $1,057 
3.50% Notes Due 2040
Level 2$824 $851 
3.50% Notes Due 2050
Level 2$1,482 $1,604 
3.70% Notes Due 2060
Level 2$367 $403 
(1)    Liabilities are carried on our Consolidated Balance Sheets at their original issuance value, net of unamortized debt discount and issuance costs.
Non-marketable Equity Securities
Our non-marketable equity securities are recorded in long-term other assets on our Consolidated Balance Sheets and valued under the measurement alternative. Gains and losses on these investments, realized and unrealized, are recognized in Other income (expense), net on our Consolidated Statements of Income.
Adjustments to the carrying value of our non-marketable equity securities during fiscal years 2025 and 2024 were as follows:
Year Ended
Jan 26, 2025Jan 28, 2024
(In millions)
Balance at beginning of period$1,321 $288 
Adjustments related to non-marketable equity securities:
Net additions1,309 859 
Unrealized gains816 194 
Impairments and unrealized losses(59)(20)
Balance at end of period$3,387 $1,321 
Non-marketable equity securities had cumulative gross unrealized gains of $1.1 billion and $270 million, and cumulative gross unrealized losses and impairments of $105 million and $45 million on securities held as of January 26, 2025 and January 28, 2024, respectively.
In the fourth quarter of fiscal year 2025, one of our private company investments completed a secondary equity transaction that resulted in an unrealized gain of $565 million.