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Fair Value Measurements
 3 Months Ended
Jan. 26, 2025
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:
 
 January 26, 2025October 27, 2024
 Level 1Level 2TotalLevel 1Level 2Total
 (In millions)
Assets:
Available-for-sale debt security investments
Money market funds*$2,545 $— $2,545 $3,512 $— $3,512 
Bank certificates of deposit and time deposits— 62 62 — 103 103 
U.S. Treasury and agency securities1,905 8 1,913 2,684 14 2,698 
Non-U.S. government securities— 6 6 — 5 5 
Municipal securities— 458 458 — 460 460 
Commercial paper, corporate bonds and medium-term notes— 3,152 3,152 — 2,590 2,590 
Asset-backed and mortgage-backed securities— 644 644 — 654 654 
Total available-for-sale debt security investments$4,450 $4,330 $8,780 $6,196 $3,826 $10,022 
Equity investments with readily determinable values
Publicly traded equity securities$613 $— $613 $723 $— $723 
Total equity investments with readily determinable values$613 $— $613 $723 $— $723 
Total$5,063 $4,330 $9,393 $6,919 $3,826 $10,745 
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*Amounts as of January 26, 2025 and October 27, 2024 include $91 million and $91 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 Condensed Balance Sheets.
As of January 26, 2025 and October 27, 2024, available-for-sale, short-term and long-term investments not recognized at fair value based upon observable inputs or quoted prices were not material.
We did not have any financial assets measured at fair value on a recurring basis within Level 3 fair value measurements as of January 26, 2025 or October 27, 2024.
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 are included in interest and other income (expense), net in the Consolidated Condensed Statement of Operations and were not material during the three months ended January 26, 2025 and January 28, 2024.
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. As of January 26, 2025, the aggregate principal amount of long-term senior unsecured notes was $5.5 billion and the estimated fair value was $5.0 billion. As of 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. 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 Condensed Financial Statements for further detail of existing debt.