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Cash, Cash Equivalents and Investments
 9 Months Ended
Jul. 26, 2020
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Investments Cash, Cash Equivalents and Investments
Summary of Cash, Cash Equivalents and Investments
The following tables summarize Applied’s cash, cash equivalents and investments:
 
July 26, 2020CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (In millions)
Cash$1,010 $— $— $1,010 
Cash equivalents:
Money market funds3,241 — — 3,241 
Municipal securities2 — — 2 
Commercial paper, corporate bonds and medium-term notes97 — — 97 
Total Cash equivalents3,340 — — 3,340 
Total Cash and Cash equivalents$4,350 $— $— $4,350 
Short-term and long-term investments:
U.S. Treasury and agency securities$365 $5 $— $370 
Municipal securities373 8 — 381 
Commercial paper, corporate bonds and medium-term notes488 9 1 496 
Asset-backed and mortgage-backed securities520 10 — 530 
Total fixed income securities1,746 32 1 1,777 
Publicly traded equity securities11 36 3 44 
Equity investments in privately-held companies110 19 6 123 
Total equity investments121 55 9 167 
Total short-term and long-term investments$1,867 $87 $10 $1,944 
Total Cash, Cash equivalents and Investments$6,217 $87 $10 $6,294 
October 27, 2019CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (In millions)
Cash$1,071 $— $— $1,071 
Cash equivalents:
Money market funds1,677 — — 1,677 
U.S. Treasury and agency securities4 — — 4 
Commercial paper, corporate bonds and medium-term notes377 — — 377 
Total Cash equivalents2,058 — — 2,058 
Total Cash and Cash equivalents$3,129 $— $— $3,129 
Short-term and long-term investments:
U.S. Treasury and agency securities$336 $1 $— $337 
Non-U.S. government securities*10 — — 10 
Municipal securities402 4 — 406 
Commercial paper, corporate bonds and medium-term notes642 5 — 647 
Asset-backed and mortgage-backed securities631 4 — 635 
Total fixed income securities2,021 14 — 2,035 
Publicly traded equity securities8 40 3 45 
Equity investments in privately-held companies105 10 3 112 
Total equity investments113 50 6 157 
Total short-term and long-term investments$2,134 $64 $6 $2,192 
Total Cash, Cash equivalents and Investments$5,263 $64 $6 $5,321 
 _________________________
* Includes agency debt securities guaranteed by Canada.
 
Maturities of Investments
The following table summarizes the contractual maturities of Applied’s investments as of July 26, 2020:
 
CostEstimated
Fair Value
 (In millions)
Due in one year or less$362 $365 
Due after one through five years864 883 
No single maturity date**641 696 
Total$1,867 $1,944 
 _________________________
** Securities with no single maturity date include publicly-traded and privately-held equity securities and asset-backed and mortgage-backed securities. 

Gains and Losses on Investments
During the three and nine months ended July 26, 2020 and July 28, 2019 gross realized gains and losses on investments were not material.
As of July 26, 2020, and October 27, 2019, gross unrealized losses related to Applied’s debt investment portfolio were not material. Applied regularly reviews its debt investment portfolio to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether an unrealized loss is considered to be temporary, or other-than-temporary and therefore impaired, include: the length of time and extent to which fair value has been lower than the cost basis; the financial condition, credit quality and near-term prospects of the investee; and whether it is more likely than not that Applied will be required to sell the security prior to recovery.
Applied determined that the gross unrealized losses on its marketable fixed-income securities as of July 26, 2020 and July 28, 2019 were temporary in nature and therefore it did not recognize any impairment of its marketable fixed-income securities during the three and nine months ended July 26, 2020 or July 28, 2019. Impairment charges on equity investments in privately-held companies during the three and nine months ended July 26, 2020 and July 28, 2019 were not material. These impairment charges are included in interest and other income, net in the Consolidated Condensed Statement of Operations.
The components of gain (loss) on equity investments for the three and nine months ended July 26, 2020 and July 28, 2019 were as follows:
Three Months EndedNine Months Ended
July 26, 2020July 28, 2019July 26, 2020July 28, 2019
 (In millions)
Publicly traded equity securities
Unrealized gain $6 $10 $11 $23 
Unrealized loss— (1)(15)(4)
Realized gain on sales1 — 1 2 
Equity investments in privately-held companies
Unrealized gain1 2 10 11 
Unrealized loss(2)(2)(5)(5)
Realized gain on sales or other7 — 8 5 
Realized loss on sales or impairment— (1)(8)(1)
Total gain (loss) on equity investments, net$13 $8 $2 $31