Cash, Cash Equivalents and Short-Term Investments (Tables)

3 Months Ended

Mar. 01, 2019

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash Cash Equivalents and Short term Investments

Cash, cash equivalents and short-term investments consisted of the following as of March 1, 2019 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash	$	341,359	$	—	$	—		$	341,359
Cash equivalents:
Money market mutual funds	1,383,033		—		—			1,383,033
Time deposits	14,454		—		—			14,454
Total cash equivalents	1,397,487		—		—			1,397,487
Total cash and cash equivalents	1,738,846		—		—			1,738,846
Short-term fixed income securities:
Asset-backed securities	33,623		—		(185		)	33,438
Corporate debt securities	1,445,943		129		(12,576		)	1,433,496
Foreign government securities	2,399		—		(13		)	2,386
Municipal securities	18,248		—		(157		)	18,091
Total short-term investments	1,500,213		129		(12,931		)	1,487,411
Total cash, cash equivalents and short-term investments	$	3,239,059	$	129	$	(12,931	)	$	3,226,257

Cash, cash equivalents and short-term investments consisted of the following as of November 30, 2018 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash	$	368,564	$	—	$	—		$	368,564
Cash equivalents:
Money market mutual funds	1,234,188		—		—			1,234,188
Time deposits	40,023		—		—			40,023
Total cash equivalents	1,274,211		—		—			1,274,211
Total cash and cash equivalents	1,642,775		—		—			1,642,775
Short-term fixed income securities:
Asset-backed securities	41,875		—		(367		)	41,508
Corporate debt securities	1,546,860		44		(24,696		)	1,522,208
Foreign government securities	4,179		—		(24		)	4,155
Municipal securities	18,601		1		(286		)	18,316
Total short-term investments	1,611,515		45		(25,373		)	1,586,187
Total cash, cash equivalents and short-term investments	$	3,254,290	$	45	$	(25,373	)	$	3,228,962

Continuous Unrealized Loss Position Less Than Twelve Months Related to Available-for-Sale Securities

The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that have been in an unrealized loss position for less than twelve months, as of March 1, 2019 and November 30, 2018 (in thousands):



	2019					2018
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Corporate debt securities	$	67,201	$	(137	)	$	538,109	$	(7,966	)
Asset-backed securities	36		—			6,696		(54		)
Municipal securities	1,854		(6		)	6,599		(81		)
Total	$	69,091	$	(143	)	$	551,404	$	(8,101	)

There were 45 securities and 369 securities in an unrealized loss position for less than twelve months at March 1, 2019 and at November 30, 2018, respectively.

Continuous Unrealized Loss Position Twelve Months or Longer Related to Available-for-Sale-Securities

The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that were in a continuous unrealized loss position for more than twelve months, as of March 1, 2019 and November 30, 2018 (in thousands):



	2019					2018
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Corporate debt securities	$	1,318,108	$	(12,439	)	$	969,701	$	(16,730	)
Asset-backed securities	30,209		(185		)	34,812		(313		)
Municipal securities	16,053		(151		)	11,532		(205		)
Foreign government securities	2,385		(13		)	4,154		(24		)
Total	$	1,366,755	$	(12,788	)	$	1,020,199	$	(17,272	)

There were 818 securities and 577 securities in an unrealized loss position for more than twelve months at March 1, 2019 and at November 30, 2018, respectively.

Cost and Estimated Fair Value of Debt Securities

The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of March 1, 2019 (in thousands):



	Amortized Cost		Estimated Fair Value
Due within one year	$	642,860	$	640,549
Due between one and two years	562,585		556,764
Due between two and three years	190,095		187,312
Due after three years	104,673		102,786
Total	$	1,500,213	$	1,487,411