XML 25 R11.htm IDEA: XBRL DOCUMENT v3.24.1
Cash, Cash Equivalents and Short-Term Investments
 3 Months Ended
Mar. 01, 2024
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 March 1, 2024:
(in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated
Fair Value
Current assets:    
Cash$612 $— $— $612 
Cash equivalents:
Money market funds5,642 — — 5,642 
Total cash and cash equivalents6,254 — — 6,254 
Short-term fixed income securities:
Asset-backed securities11 — — 11 
Corporate debt securities337 — (2)335 
U.S. agency securities13 — (1)12 
U.S. Treasury securities213 — (5)208 
Total short-term investments574 — (8)566 
Total cash, cash equivalents and short-term investments$6,828 $— $(8)$6,820 
Cash, cash equivalents and short-term investments consisted of the following as of December 1, 2023:
(in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated
Fair Value
Current assets:    
Cash$618 $— $— $618 
Cash equivalents:  
Money market funds6,498 — — 6,498 
Time deposits25 — — 25 
Total cash equivalents6,523 — — 6,523 
Total cash and cash equivalents7,141 — — 7,141 
Short-term fixed income securities: 
Asset-backed securities15 — — 15 
Corporate debt securities438 — (4)434 
U.S. agency securities13 — (1)12 
U.S. Treasury securities247 — (7)240 
Total short-term investments713 — (12)701 
Total cash, cash equivalents and short-term investments$7,854 $— $(12)$7,842 

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 March 1, 2024:
(in millions)Estimated
Fair Value
Due within one year$440 
Due between one and two years123 
Due between two and three years3 
Total$566 
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 three months ended March 1, 2024 and March 3, 2023, we did not recognize an allowance for credit-related losses on any of our investments.