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Cash, Cash Equivalents and Short-Term Investments | 9 Months Ended
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Sep. 02, 2022
Cash, Cash Equivalents, and Short-term Investments [Abstract] |
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Cash equivalents consist of highly liquid marketable securities with remaining maturities of three months or less at the date of purchase. We classify our investments in marketable debt securities as “available-for-sale.” We carry these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and unrealized non-credit-related losses of marketable debt securities are included in accumulated other comprehensive income, net of taxes, in our condensed consolidated balance sheets. Unrealized credit-related losses are recorded to other income (expense), net in our condensed consolidated statements of income with a corresponding allowance for credit-related losses in our condensed consolidated balance sheets. Gains and losses are determined using the specific identification method and recognized when realized in our condensed consolidated statements of income. Cash, cash equivalents and short-term investments consisted of the following as of September 2, 2022:
(in millions) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Current assets: |  |  |  |  |  |  |
Cash | $ | 595 |  |  | $ | — |  |  | $ | — |  |  | $ | 595 |
Cash equivalents: |  |  |  |  |  |  |
Corporate debt securities | 21 |  |  | — |  |  | — |  |  | 21 |
Money market funds | 3,202 |  |  | — |  |  | — |  |  | 3,202 |
Time deposits | 25 |  |  | — |  |  | — |  |  | 25 |
U.S. agency securities | 13 |  |  | — |  |  | — |  |  | 13 |
U.S. Treasury securities | 14 |  |  | — |  |  | — |  |  | 14 |
Total cash equivalents | 3,275 |  |  | — |  |  | — |  |  | 3,275 |
Total cash and cash equivalents | 3,870 |  |  | — |  |  | — |  |  | 3,870 |
Short-term fixed income securities: |  |  |  |  |  |  |
Asset-backed securities | 114 |  |  | — |  |  | (2) |  |  | 112 |
Corporate debt securities | 1,322 |  |  | — |  |  | (22) |  |  | 1,300 |
Foreign government securities | 5 |  |  | — |  |  | — |  |  | 5 |
Municipal securities | 23 |  |  | — |  |  | — |  |  | 23 |
U.S. agency securities | 19 |  |  | — |  |  | — |  |  | 19 |
U.S. Treasury securities | 448 |  |  | — |  |  | (13) |  |  | 435 |
Total short-term investments | 1,931 |  |  | — |  |  | (37) |  |  | 1,894 |
Total cash, cash equivalents and short-term investments | $ | 5,801 |  |  | $ | — |  |  | $ | (37) |  |  | $ | 5,764 |
Cash, cash equivalents and short-term investments consisted of the following as of December 3, 2021:
(in millions) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Current assets: |  |  |  |  |  |  |
Cash | $ | 750 |  |  | $ | — |  |  | $ | — |  |  | $ | 750 |
Cash equivalents: |  |  |  |  |  |  |
Corporate debt securities | 5 |  |  | — |  |  | — |  |  | 5 |
Money market funds | 2,914 |  |  | — |  |  | — |  |  | 2,914 |
Time deposits | 175 |  |  | — |  |  | — |  |  | 175 |
Total cash equivalents | 3,094 |  |  | — |  |  | — |  |  | 3,094 |
Total cash and cash equivalents | 3,844 |  |  | — |  |  | — |  |  | 3,844 |
Short-term fixed income securities: |  |  |  |  |  |  |
Asset-backed securities | 124 |  |  | — |  |  | — |  |  | 124 |
Corporate debt securities | 1,426 |  |  | 2 |  |  | (3) |  |  | 1,425 |
Municipal securities | 28 |  |  | — |  |  | — |  |  | 28 |
U.S. Treasury securities | 378 |  |  | — |  |  | (1) |  |  | 377 |
Total short-term investments | 1,956 |  |  | 2 |  |  | (4) |  |  | 1,954 |
Total cash, cash equivalents and short-term investments | $ | 5,800 |  |  | $ | 2 |  |  | $ | (4) |  |  | $ | 5,798 |
See Note 5 for further information regarding the fair value of our financial instruments. The following table summarizes the estimated fair value of short-term fixed income debt securities classified as short-term investments based on stated effective maturities as of September 2, 2022:
(in millions) |  |  | Estimated Fair Value
Due within one year |  |  | $ | 868 |
Due between one and two years |  |  | 676 |
Due between two and three years |  |  | 336 |
Due after three years |  |  | 14 |
Total |  |  | $ | 1,894 |
We review our debt securities classified as short-term investments on a regular basis for impairment. For debt securities in unrealized loss positions, we determine whether any portion of the decline in fair value below the amortized cost basis is due to credit-related factors if we neither intend to sell nor anticipate that it is more likely than not that we will be required to sell prior to recovery of the amortized cost basis. We consider factors such as the extent to which the market value has been less than the cost, any noted failure of the issuer to make scheduled payments, changes to the rating of the security and other relevant credit-related factors in determining whether or not a credit loss exists. During the nine months ended September 2, 2022 and September 3, 2021, we did not recognize an allowance for credit-related losses on any of our investments.

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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