Cash, Cash Equivalents and Investments

9 Months Ended

Jul. 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:


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

	(In millions)
Cash	$	1,397	$	—	$	—	$	1,397
Cash equivalents:
Money market funds*	3,525		—		—		3,525




Commercial paper, corporate bonds and medium-term notes	1,103		—		—		1,103

Total Cash equivalents	4,628		—		—		4,628
Total Cash and Cash equivalents	$	6,025	$	—	$	—	$	6,025
Short-term and long-term investments:
Bank certificates of deposit and time deposits	$	9	$	—	$	—	$	9
U.S. Treasury and agency securities	411		—		9		402
Non-U.S. government securities**	6		—		—		6
Municipal securities	438		—		11		427
Commercial paper, corporate bonds and medium-term notes	591		—		12		579
Asset-backed and mortgage-backed securities	448		—		14		434
Total fixed income securities	1,903		—		46		1,857
Publicly traded equity securities	79		51		13		117
Equity investments in privately held companies	660		78		25		713
Total equity investments	739		129		38		830
Total short-term and long-term investments	$	2,642	$	129	$	84	$	2,687
Total Cash, Cash equivalents and Investments	$	8,667	$	129	$	84	$	8,712

_________________________

*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

_________________________

*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 July 30, 2023:


	Cost		Estimated Fair Value

	(In millions)
Due in one year or less	$	488	$	482
Due after one through five years	964		938
Due after five years	3		3
No single maturity date*	1,187		1,264
Total	$	2,642	$	2,687

_________________________

*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 nine months ended July 30, 2023 and July 31, 2022 gross realized gains and losses on our fixed income portfolio were not material.

As of July 30, 2023 and October 30, 2022, gross unrealized losses related to our fixed income portfolio were not material. We regularly review our fixed income 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 (loss) (AOCI). During the three and nine months ended July 30, 2023 and July 31, 2022, we did not recognize material credit losses and the ending allowance for credit losses was not material to our fixed income portfolio.

The components of gain (loss) on equity investments for the three and nine months ended July 30, 2023 and July 31, 2022 were as follows:


	Three Months Ended				Nine Months Ended
	July 30, 2023		July 31, 2022		July 30, 2023		July 31, 2022

	(In millions)
Publicly traded equity securities
Unrealized gain	$	12	$	3	$	31	$	21
Unrealized loss	(1)		(23)		(28)		(33)
Realized gain on sales and dividends	4		3		5		5
Realized loss on sales	—		—		(2)		—
Equity investments in privately held companies
Unrealized gain	1		7		13		32
Unrealized loss	(18)		(5)		(29)		(5)
Realized gain on sales and dividends	2		—		7		2
Realized loss on sales and impairments	(2)		(2)		(119)		(6)
Total gain (loss) on equity investments, net	$	(2)	$	(17)	$	(122)	$	16

Impairment losses on equity investments in privately held companies, included in the above table, were not material during the three months ended July 30, 2023 and were $119 million during the nine months ended July 30, 2023. Impairment losses on equity investments were not material during the three and nine months ended July 31, 2022. These impairment losses are included in interest and other income (expense), net in the Consolidated Condensed Statement of Operations.