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Fair Value Measurements
 12 Months Ended
Oct. 27, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
The following table presents our fair value hierarchy for our financial assets (excluding cash balances) measured at fair value on a recurring basis:
 
 October 27, 2024October 29, 2023
 Level 1Level 2TotalLevel 1Level 2Total
 (In millions)
Assets:
Available-for-sale debt security investments
Money market funds*$3,512 $— $3,512 $3,361 $— $3,361 
Bank certificates of deposit and time deposits— 103 103 — 18 18 
U.S. Treasury and agency securities2,684 14 2,698 331 43 374 
Non-U.S. government securities— 5 5 — 6 6 
Municipal securities— 460 460 — 453 453 
Commercial paper, corporate bonds and medium-term notes— 2,590 2,590 — 2,177 2,177 
Asset-backed and mortgage-backed securities— 654 654 — 487 487 
Total available-for-sale debt security investments$6,196 $3,826 $10,022 $3,692 $3,184 $6,876 
Equity investments with readily determinable values
Publicly traded equity securities$723 $— $723 $698 $— $698 
Total equity investments with readily determinable values$723 $— $723 $698 $— $698 
Total$6,919 $3,826 $10,745 $4,390 $3,184 $7,574 
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*Amounts as of October 27, 2024 and October 29, 2023 include $91 million and $101 million, respectively, invested in money market funds related to deferred compensation plans. Due to restrictions on the distribution of these funds, they are classified as restricted cash equivalents and are included in deferred income taxes and other assets in the Consolidated Balance Sheets.
We did not have any financial assets measured at fair value on a recurring basis within Level 3 fair value measurements as of October 27, 2024 or October 29, 2023.
Assets and Liabilities without Readily Determinable Values Measured on a Non-recurring Basis
Our equity investments without readily determinable values consist of equity investments in privately held companies. We elected the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes on a prospective basis for certain equity investments without readily determinable fair values and are required to account for any subsequent observable changes in fair value within the statements of operations. These investments are classified as Level 3 within the fair value hierarchy and periodically assessed for impairment when an event or circumstance indicates that a decline in value may have occurred. Impairment losses on equity investments in privately held companies, included in the above table, were not material during fiscal 2024 and 2022 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.
Other
The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash equivalents, accounts receivable, commercial paper notes, and accounts payable and accrued expenses, approximate fair value due to their short maturities. At October 27, 2024, the aggregate principal amount of long-term senior unsecured notes was $5.5 billion, and the estimated fair value was $5.1 billion. At October 29, 2023, the aggregate principal amount of long-term senior unsecured notes was $5.5 billion and the estimated fair value was $4.7 billion. The estimated fair value of long-term senior unsecured notes is determined by Level 2 inputs and is based primarily on quoted market prices for the same or similar issues. See Note 9 of the Notes to the Consolidated Financial Statements for further detail of existing debt.