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Cash, Cash Equivalents and Investments
 3 Months Ended
Jan. 31, 2021
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Investments Cash, Cash Equivalents and Investments
Summary of Cash, Cash Equivalents and Investments
The following tables summarize Applied’s cash, cash equivalents and investments by security type:
 
January 31, 2021CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (In millions)
Cash$1,150 $— $— $1,150 
Cash equivalents:
Money market funds5,038 — — 5,038 
Municipal securities15 — — 15 
Commercial paper, corporate bonds and medium-term notes10 — — 10 
Total Cash equivalents5,063 — — 5,063 
Total Cash and Cash equivalents$6,213 $— $— $6,213 
Short-term and long-term investments:
Bank certificate of deposit$2 $— $— $2 
U.S. Treasury and agency securities332 2 — 334 
Non-U.S. government securities*6 — — 6 
Municipal securities354 6 — 360 
Commercial paper, corporate bonds and medium-term notes552 7 — 559 
Asset-backed and mortgage-backed securities540 8 — 548 
Total fixed income securities1,786 23 — 1,809 
Publicly traded equity securities12 42 1 53 
Equity investments in privately-held companies132 26 9 149 
Total equity investments144 68 10 202 
Total short-term and long-term investments$1,930 $91 $10 $2,011 
Total Cash, Cash equivalents and Investments$8,143 $91 $10 $8,224 
_________________________
* Includes agency debt securities guaranteed by Canada
October 25, 2020CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (In millions)
Cash$1,136 $— $— $1,136 
Cash equivalents:
Money market funds4,209 — — 4,209 
Municipal securities6 — — 6 
Total Cash equivalents4,215 — — 4,215 
Total Cash and Cash equivalents$5,351 $— $— $5,351 
Short-term and long-term investments:
U.S. Treasury and agency securities$394 $4 $— $398 
Municipal securities359 6 — 365 
Commercial paper, corporate bonds and medium-term notes492 8 1 499 
Asset-backed and mortgage-backed securities470 9 — 479 
Total fixed income securities1,715 27 1 1,741 
Publicly traded equity securities11 36 2 45 
Equity investments in privately-held companies121 25 7 139 
Total equity investments132 61 9 184 
Total short-term and long-term investments$1,847 $88 $10 $1,925 
Total Cash, Cash equivalents and Investments$7,198 $88 $10 $7,276 
 
 
Maturities of Investments
The following table summarizes the contractual maturities of Applied’s investments as of January 31, 2021:
 
CostEstimated
Fair Value
 (In millions)
Due in one year or less$390 $392 
Due after one through five years857 869 
No single maturity date**683 750 
Total$1,930 $2,011 
 _________________________
** Securities with no single maturity date include publicly-traded and privately-held equity securities and asset-backed and mortgage-backed securities. 

Gains and Losses on Investments
During the three months ended January 31, 2021 and January 26, 2020 gross realized gains and losses on investments were not material.
As of January 31, 2021, and October 25, 2020, gross unrealized losses related to Applied’s debt investment portfolio were not material. Applied regularly reviews its debt investment portfolio to identify and evaluate investments that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include: the significance of the decline in value compared to the cost basis; the financial condition; credit quality and near-term prospects of the investee; and whether it is more likely than not that Applied will be required to sell the security prior to recovery. Credit losses related to available-for-sale debt securities are recorded as an allowance for credit losses through interest and other income, net. Any additional changes in fair value that are not related to credit losses are recognized in accumulated other comprehensive income.
During the three months ended January 31, 2021, with the adoption of credit losses authoritative guidance, Applied did not recognize significant credit losses and the ending allowance for credit losses was not material. Applied determined that the gross unrealized losses on its marketable fixed-income securities as of January 26, 2020 were temporary in nature and therefore it did not recognize any impairment of its marketable fixed-income securities during the three months ended January 26, 2020. Impairment charges on equity investments in privately-held companies during the three months ended January 31, 2021 and January 26, 2020 were not material. These impairment charges are included in interest and other income, net in the Consolidated Condensed Statement of Operations.
The components of gain (loss) on equity investments for the three months ended January 31, 2021 and January 26, 2020 were as follows:
Three Months Ended
January 31, 2021January 26, 2020
 (In millions)
Publicly traded equity securities
Unrealized gain $8 $2 
Unrealized loss— (3)
Equity investments in privately-held companies
Unrealized gain1 — 
Unrealized loss(3)(1)
Realized gain on sales2 — 
Realized loss on sales or impairment— (2)
Total gain (loss) on equity investments, net$8 $(4)