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Cash, Cash Equivalents and Short-Term Investments
9 Months Ended
Aug. 28, 2015
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 instruments with remaining maturities of three months or less at the date of purchase. We classify all of our cash equivalents and short-term investments as “available-for-sale.” In general, these investments are free of trading restrictions. We carry these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Condensed Consolidated Balance Sheets. Gains and losses are recognized when realized in our Condensed Consolidated Statements of Income. When we have determined that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is recognized in income. Gains and losses are determined using the specific identification method.
Cash, cash equivalents and short-term investments consisted of the following as of August 28, 2015 (in thousands):
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair Value
Current assets:
 
 
 
 
 
 
 
Cash
$
345,625

 
$

 
$

 
$
345,625

Cash equivalents:
 
 
 
 
 
 
 
Money market mutual funds
447,303

 

 

 
447,303

Time deposits
36,364

 

 

 
36,364

Total cash equivalents
483,667

 

 

 
483,667

Total cash and cash equivalents
829,292

 

 

 
829,292

Short-term fixed income securities:
 
 
 
 
 
 
 
Corporate bonds and commercial paper
1,732,496

 
1,596

 
(4,891
)
 
1,729,201

Asset-backed securities
67,307

 
40

 
(32
)
 
67,315

Municipal securities
164,449

 
221

 
(60
)
 
164,610

U.S. agency securities
207,550

 
182

 
(3
)
 
207,729

U.S. Treasury securities
670,367

 
363

 
(144
)
 
670,586

Total short-term investments
2,842,169

 
2,402

 
(5,130
)
 
2,839,441

Total cash, cash equivalents and short-term investments
$
3,671,461

 
$
2,402

 
$
(5,130
)
 
$
3,668,733


Cash, cash equivalents and short-term investments consisted of the following as of November 28, 2014 (in thousands):
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair Value
Current assets:
 
 
 
 
 
 
 
Cash
$
348,283

 
$

 
$

 
$
348,283

Cash equivalents:
 

 
 
 
 
 
 

Money market mutual funds
705,978

 

 

 
705,978

Time deposits
63,139

 

 

 
63,139

Total cash equivalents
769,117

 

 

 
769,117

Total cash and cash equivalents
1,117,400

 

 

 
1,117,400

Short-term fixed income securities:
 
 
 
 
 
 
 

Corporate bonds and commercial paper
1,514,632

 
5,253

 
(509
)
 
1,519,376

Foreign government securities
4,499

 
12

 

 
4,511

Municipal securities
174,775

 
438

 
(12
)
 
175,201

U.S. agency securities
497,154

 
1,295

 
(64
)
 
498,385

U.S. Treasury securities
423,075

 
1,080

 
(28
)
 
424,127

Subtotal
2,614,135

 
8,078

 
(613
)
 
2,621,600

Marketable equity securities
153

 
338

 

 
491

Total short-term investments
2,614,288

 
8,416

 
(613
)
 
2,622,091

Total cash, cash equivalents and short-term investments
$
3,731,688

 
$
8,416

 
$
(613
)
 
$
3,739,491



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 August 28, 2015 and November 28, 2014 (in thousands):
 
2015
 
2014
 
Fair 
Value
 
Gross
Unrealized
Losses
 
Fair 
Value
 
Gross
Unrealized
Losses
Corporate bonds and commercial paper
$
1,213,183

 
$
(4,871
)
 
$
291,890

 
$
(443
)
Asset-backed securities
35,502

 
(32
)
 

 

Municipal securities
24,143

 
(60
)
 
21,759

 
(12
)
U.S. Treasury and agency securities
345,982

 
(144
)
 
43,507

 
(64
)
Total
$
1,618,810

 
$
(5,107
)
 
$
357,156

 
$
(519
)
 
There were 885 securities and 213 securities in an unrealized loss position for less than twelve months at August 28, 2015 and at November 28, 2014, respectively.
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 August 28, 2015 and November 28, 2014 (in thousands):
 
2015
 
2014
 
Fair 
Value
 
Gross
Unrealized
Losses
 
Fair 
Value
 
Gross
Unrealized
Losses
Corporate bonds and commercial paper
$
1,416

 
$
(20
)
 
$
8,636

 
$
(66
)
U.S. Treasury and agency securities
650

 
(3
)
 
5,884

 
(28
)
Total
$
2,066

 
$
(23
)
 
$
14,520

 
$
(94
)

There were two securities and eight securities in an unrealized loss position for more than twelve months at August 28, 2015 and at November 28, 2014, respectively.
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 August 28, 2015 (in thousands):
 
Amortized
Cost
 
Estimated
Fair Value
Due within one year
$
791,191

 
$
791,528

Due between one and two years
1,036,774

 
1,036,349

Due between two and three years
761,569

 
759,576

Due after three years
252,635

 
251,988

Total
$
2,842,169

 
$
2,839,441


We review our debt and marketable equity securities classified as short-term investments on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. We consider factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis. If we believe that an other-than-temporary decline exists in one of these securities, we write down these investments to fair value. For debt securities, the portion of the write-down related to credit loss would be recorded to interest and other income, net in our Condensed Consolidated Statements of Income. Any portion not related to credit loss would be recorded to accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Condensed Consolidated Balance Sheets. For equity securities, the write-down would be recorded to investment gains (losses), net in our Condensed Consolidated Statements of Income. During the nine months ended August 28, 2015, we did not consider any of our investments to be other-than-temporarily impaired.