Cash, Cash Equivalents and Investments

3 Months Ended

Jan. 29, 2023

Cash and Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Investments

The following tables summarize our cash, cash equivalents and investments by security type:


January 29, 2023	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(In millions)
Cash	$	1,225	$	—	$	—	$	1,225
Cash equivalents:
Money market funds	1,412		—		—		1,412
Bank certificates of deposit and time deposits	80		—		—		80


Municipal securities	10		—		—		10
Commercial paper, corporate bonds and medium-term notes	820		—		—		820

Total Cash equivalents	2,322		—		—		2,322
Total Cash and Cash equivalents	$	3,547	$	—	$	—	$	3,547
Short-term and long-term investments:
Bank certificates of deposit and time deposits	$	7	$	—	$	—	$	7
U.S. Treasury and agency securities	444		—		9		435
Non-U.S. government securities*	7		—		1		6
Municipal securities	372		1		10		363
Commercial paper, corporate bonds and medium-term notes	579		1		15		565
Asset-backed and mortgage-backed securities	443		1		15		429
Total fixed income securities	1,852		3		50		1,805
Publicly traded equity securities	85		57		12		130
Equity investments in privately-held companies	573		83		3		653
Total equity investments	658		140		15		783
Total short-term and long-term investments	$	2,510	$	143	$	65	$	2,588

Total Cash, Cash equivalents and Investments	$	6,057	$	143	$	65	$	6,135

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* Includes Canadian provincial government debt.


October 30, 2022	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(In millions)
Cash	$	1,199	$	—	$	—	$	1,199
Cash equivalents:
Money market funds	660		—		—		660
U.S. Treasury and agency securities	4		—		—		4

Municipal securities	13		—		—		13
Commercial paper, corporate bonds and medium-term notes	119		—		—		119
Total Cash equivalents	796		—		—		796
Total Cash and Cash equivalents	$	1,995	$	—	$	—	$	1,995
Short-term and long-term investments:
Bank certificates of deposit	$	7	$	—	$	—	$	7
U.S. Treasury and agency securities	435		—		13		422
Non-U.S. government securities*	7		—		1		6
Municipal securities	389		—		16		373
Commercial paper, corporate bonds and medium-term notes	595		—		21		574
Asset-backed and mortgage-backed securities	432		—		19		413
Total fixed income securities	1,865		—		70		1,795
Publicly traded equity securities	85		63		26		122
Equity investments in privately-held companies	567		86		4		649
Total equity investments	652		149		30		771
Total short-term and long-term investments	$	2,517	$	149	$	100	$	2,566

Total Cash, Cash equivalents and Investments	$	4,512	$	149	$	100	$	4,561

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*Includes Canadian provincial government debt.

Maturities of Investments

The following table summarizes the contractual maturities of our investments as of January 29, 2023:


	Cost		Estimated Fair Value

	(In millions)
Due in one year or less	$	464	$	459
Due after one through five years	938		910
Due after five years	7		7
No single maturity date**	1,101		1,212
Total	$	2,510	$	2,588

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** 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 29, 2023 and January 30, 2022 gross realized gains and losses on investments were not material.

As of January 29, 2023, and October 30, 2022, gross unrealized losses related to our debt investment portfolio were not material. We regularly review our 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 we 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 29, 2023 and January 30, 2022, we did not recognize material credit losses and the ending allowance for credit losses was not material to our debt investment portfolio. Impairment charges on equity investments in privately-held companies during the three months ended January 29, 2023 and January 30, 2022 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 29, 2023 and January 30, 2022 were as follows:


	Three Months Ended
	January 29, 2023		January 30, 2022

	(In millions)
Publicly traded equity securities
Unrealized gain	$	18	$	1
Unrealized loss	(16)		(8)
Realized gain on sales	—		2
Realized loss on sales	(1)		—
Equity investments in privately-held companies
Unrealized gain	4		12
Unrealized loss	(2)		—
Realized gain on sales	5		—
Realized loss on sales or impairment	—		(4)
Total gain (loss) on equity investments, net	$	8	$	3