Cash, Cash Equivalents and Investments

12 Months Ended

Oct. 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:


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

	(In millions)
Cash	$	1,417	$	—	$	—	$	1,417
Cash equivalents:
Money market funds*	3,260		—		—		3,260


Municipal securities	26		—		—		26
Commercial paper, corporate bonds and medium-term notes	1,429		—		—		1,429

Total cash equivalents	4,715		—		—		4,715
Total cash and cash equivalents	$	6,132	$	—	$	—	$	6,132
Short-term and long-term investments:
Bank certificates of deposit and time deposits	$	18	$	—	$	—	$	18
U.S. Treasury and agency securities	381		—		7		374
Non-U.S. government securities**	7		—		1		6
Municipal securities	438		—		11		427
Commercial paper, corporate bonds and medium-term notes	760		—		12		748
Asset-backed and mortgage-backed securities	502		—		15		487
Total fixed income securities	2,106		—		46		2,060
Publicly traded equity securities	543		171		16		698
Equity investments in privately held companies	192		78		10		260
Total equity investments	735		249		26		958
Total short-term and long-term investments	$	2,841	$	249	$	72	$	3,018
Total cash, cash equivalents and investments	$	8,973	$	249	$	72	$	9,150

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*Excludes $101 million of 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 $105 million of restricted cash equivalents invested in money market funds related to deferred compensation plans.

**Includes Canadian provincial government debt.

During fiscal 2023, 2022 and 2021, interest income from our cash, cash equivalents and fixed income securities was $262 million, $44 million and $26 million, respectively.

Maturities of Investments

The following table summarizes the contractual maturities of our investments at October 29, 2023:


	Cost		Estimated Fair Value

	(In millions)
Due in one year or less	$	716	$	709
Due after one through five years	888		864

No single maturity date*	1,237		1,445
Total	$	2,841	$	3,018

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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

At October 29, 2023, 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 fiscal 2023, 2022 and 2021, gross realized gains and losses related to our fixed income portfolio were not material.

During fiscal 2023, 2022 and 2021, we did not recognize significant credit losses and the ending allowance for credit losses was not material.

The components of gain (loss) on equity investments for each fiscal year were as follows:


	2023		2022		2021

	(In millions)
Publicly traded equity securities
Unrealized gain	$	193	$	30	$	14
Unrealized loss	(44)		(62)		(11)
Realized gain on sales and dividends	9		7		2
Realized loss on sales or impairment	(4)		—		—
Equity investments in privately held companies
Unrealized gain	15		41		65
Unrealized loss	(30)		(5)		(12)
Realized gain on sales and dividends	9		3		48
Realized loss on sales or impairment	(121)		(7)		(7)
Total gain (loss) on equity investments, net	$	27	$	7	$	99

Impairment losses on equity investments in privately held companies, included in the above table, were not material during fiscal 2022 and 2021 and were $121 million during fiscal 2023. These impairment losses are included in interest and other income (expense), net in the Consolidated Statement of Operations.