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

6 Months Ended

May 29, 2020

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 May 29, 2020:

(in millions)	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash	$	786	$	—	$	—		$	786
Cash equivalents:
Money market mutual funds	2,192		—		—			2,192
Time deposits	66		—		—			66
Total cash equivalents	2,258		—		—			2,258
Total cash and cash equivalents	3,044		—		—			3,044
Short-term fixed income securities:
Asset-backed securities	79		1		—			80
Corporate debt securities	1,207		10		(1		)	1,216
Municipal securities	11		—		—			11
Total short-term investments	1,297		11		(1		)	1,307
Total cash, cash equivalents and short-term investments	$	4,341	$	11	$	(1	)	$	4,351

Cash, cash equivalents and short-term investments consisted of the following as of November 29, 2019:

(in millions)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	467	$	—	$	—	$	467
Cash equivalents:
Corporate debt securities	46		—		—		46
Money market mutual funds	2,049		—		—		2,049
Time deposits	88		—		—		88
Total cash equivalents	2,183		—		—		2,183
Total cash and cash equivalents	2,650		—		—		2,650
Short-term fixed income securities:
Asset-backed securities	89		—		—		89
Corporate debt securities	1,408		4		—		1,412
Municipal securities	18		—		—		18
U.S. Treasury securities	8		—		—		8
Total short-term investments	1,523		4		—		1,527
Total cash, cash equivalents and short-term investments	$	4,173	$	4	$	—	$	4,177

Fair Value of Available-for-Sale Securities in a continuous loss position

We had immaterial gross unrealized losses related to our available-for-sale securities as of May 29, 2020 and November 29, 2019. The following table summarizes the fair value of our available-for-sale securities that have been in a continuous unrealized loss position as of May 29, 2020 and November 29, 2019:

(in millions)	2020				2019
	Less Than Twelve Months		More Than  Twelve Months		Less Than  Twelve Months		More Than  Twelve Months
Corporate debt securities	$	206	$	—	$	235	$	44
Asset-backed securities	2		—		7		7
Municipal securities	3		—		3		—
Total	$	211	$	—	$	245	$	51

Cost and Estimated Fair Value of Debt Securities

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 May 29, 2020:

(in millions)	Amortized Cost		Estimated Fair Value
Due within one year	$	890	$	896
Due between one and two years	258		260
Due between two and three years	149		151
Total	$	1,297	$	1,307