Cash, Cash Equivalents and Investments

6 Months Ended

Apr. 30, 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:


April 30, 2023	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(In millions)
Cash	$	1,429	$	—	$	—	$	1,429
Cash equivalents:
Money market funds*	2,309		—		—		2,309




Commercial paper, corporate bonds and medium-term notes	850		—		—		850

Total Cash equivalents	3,159		—		—		3,159
Total Cash and Cash equivalents	$	4,588	$	—	$	—	$	4,588
Short-term and long-term investments:
Bank certificates of deposit and time deposits	$	11	$	—	$	—	$	11
U.S. Treasury and agency securities	430		—		8		422
Non-U.S. government securities**	7		—		—		7
Municipal securities	430		1		9		422
Commercial paper, corporate bonds and medium-term notes	572		1		13		560
Asset-backed and mortgage-backed securities	436		—		13		423
Total fixed income securities	1,886		2		43		1,845
Publicly traded equity securities	80		42		13		109
Equity investments in privately-held companies	510		78		8		580
Total equity investments	590		120		21		689
Total short-term and long-term investments	$	2,476	$	122	$	64	$	2,534
Total Cash, Cash equivalents and Investments	$	7,064	$	122	$	64	$	7,122

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*Excludes restricted cash equivalents invested in money market funds related to deferred compensation plans

**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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*Excludes restricted cash equivalents invested in money market funds related to deferred compensation plans

**Includes Canadian provincial government debt

Maturities of Investments

The following table summarizes the contractual maturities of our investments as of April 30, 2023:


	Cost		Estimated Fair Value

	(In millions)
Due in one year or less	$	487	$	482
Due after one through five years	964		941

No single maturity date**	1,025		1,111
Total	$	2,476	$	2,534

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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 and six months ended April 30, 2023 and May 1, 2022 gross realized gains and losses on debt investment portfolio were not material.

As of April 30, 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 (expense), net. Any additional changes in fair value that are not related to credit losses are recognized in accumulated other comprehensive income. During the three and six months ended April 30, 2023 and May 1, 2022, we did not recognize material credit losses and the ending allowance for credit losses was not material to our debt investment portfolio.

The components of gain (loss) on equity investments for the three and six months ended April 30, 2023 and May 1, 2022 were as follows:


	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022

	(In millions)
Publicly traded equity securities
Unrealized gain	$	1	$	17	$	19	$	18
Unrealized loss	(11)		(2)		(27)		(10)
Realized gain on sales	1		—		1		2
Realized loss on sales	(1)		—		(2)		—
Equity investments in privately-held companies
Unrealized gain	8		13		12		25
Unrealized loss	(9)		—		(11)		—
Realized gain on sales	—		2		5		2
Realized loss on sales and impairment	(117)		—		(117)		(4)
Total gain (loss) on equity investments, net	$	(128)	$	30	$	(120)	$	33

Realized loss on sales and impairment included impairment losses on equity investments in privately-held companies of $117 million during the three and six months ended April 30, 2023. Impairment losses on equity investments were not material during the three and six months ended May 1, 2022. These impairment losses are included in interest and other income (expense), net in the Consolidated Condensed Statement of Operations.