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

12 Months Ended

Nov. 29, 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 November 29, 2019:

(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash	$	466,941	$	—	$	—		$	466,941
Cash equivalents:
Corporate debt securities	45,703		2		(1		)	45,704
Money market mutual funds	2,049,057		—		—			2,049,057
Time deposits	88,519		—		—			88,519
Total cash equivalents	2,183,279		2		(1		)	2,183,280
Total cash and cash equivalents	2,650,220		2		(1		)	2,650,221
Short-term fixed income securities:
Asset-backed securities	88,584		146		(9		)	88,721
Corporate debt securities	1,408,332		4,251		(252		)	1,412,331
Municipal securities	17,642		67		—			17,709
U.S. Treasury securities	7,992		2		—			7,994
Total short-term investments	1,522,550		4,466		(261		)	1,526,755
Total cash, cash equivalents and short-term investments	$	4,172,770	$	4,468	$	(262	)	$	4,176,976

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 November 29, 2019 and November 30, 2018:

(in thousands)	2019					2018
	Fair  Value		Gross Unrealized Losses			Fair  Value		Gross Unrealized Losses
Corporate debt securities	$	235,155	$	(183	)	$	538,109	$	(7,966	)
Asset-backed securities	6,651		(5		)	6,696		(54		)
Municipal securities	3,305		—			6,599		(81		)
Total	$	245,111	$	(188	)	$	551,404	$	(8,101	)

 

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 November 29, 2019 and November 30, 2018:

(in thousands)	2019					2018
	Fair  Value		Gross Unrealized Losses			Fair  Value		Gross Unrealized Losses
Corporate debt securities	$	44,300	$	(70	)	$	969,701	$	(16,730	)
Asset-backed securities	6,754		(4		)	34,812		(313		)
Municipal securities	—		—			11,532		(205		)
Foreign government securities	—		—			4,154		(24		)
Total	$	51,054	$	(74	)	$	1,020,199	$	(17,272	)

 

Cost and Estimated Fair Value of Debt Securities

The following table summarizes the cost and estimated fair value of the fixed income securities classified as short-term investments based on stated effective maturities as of November 29, 2019:

(in thousands)	Amortized Cost		Estimated Fair Value
Due within one year	$	928,472	$	929,616
Due between one and two years	394,436		395,917
Due between two and three years	179,468		180,867
Due after three years	20,174		20,355
Total	$	1,522,550	$	1,526,755