v3.26.1
FAIR VALUE MEASUREMENTS
3 Months Ended
Feb. 27, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
The fair value of our financial assets and liabilities at February 27, 2026 was determined using the following inputs:
(in millions)Fair Value Measurements at Reporting Date Using
  Quoted Prices
in Active
Markets for
Identical Assets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
 Total(Level 1)(Level 2)(Level 3)
Assets:    
Cash equivalents:    
Corporate debt securities$1,415 $— $1,415 $— 
Money market funds4,211 4,211 — — 
Time deposits60 60 — — 
Short-term investments:
Corporate debt securities457 — 457 — 
U.S. Treasury securities101 — 101 — 
Prepaid expenses and other current assets:   
Foreign currency derivatives44 — 44 — 
Interest rate swap derivatives— — 
Other assets: 
Deferred compensation plan assets371 371 — — 
Foreign currency derivatives— — 
Interest rate swap derivatives107 — 107 — 
Total assets$6,784 $4,642 $2,142 $— 
Liabilities:    
Accrued expenses and other current liabilities:
    
Foreign currency derivatives$133 $— $133 $— 
Interest rate swap derivatives14 — 14 — 
Other liabilities:
Foreign currency derivatives15 — 15 — 
Total liabilities$162 $— $162 $— 
The fair value of our financial assets and liabilities at November 28, 2025 was determined using the following inputs:
(in millions)Fair Value Measurements at Reporting Date Using
  Quoted Prices
in Active
Markets for
Identical Assets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
 Total(Level 1)(Level 2)(Level 3)
Assets:    
Cash equivalents:    
Corporate debt securities$928 $— $928 $— 
Money market funds3,607 3,607 — — 
Time deposits85 85 — — 
U.S. Treasury securities100 — 100 — 
Short-term investments: 
Corporate debt securities914 — 914 — 
U.S. Treasury securities 250 — 250 — 
Prepaid expenses and other current assets:    
Foreign currency derivatives62 — 62 — 
Interest rate swap derivatives
— — 
Other assets:    
Deferred compensation plan assets342 342 — — 
Foreign currency derivatives22 — 22 — 
Interest rate swap derivatives92 — 92 — 
Total assets$6,404 $4,034 $2,370 $— 
Liabilities:    
Accrued expenses and other current liabilities:
    
Foreign currency derivatives$94 $— $94 $— 
Interest rate swap derivatives
— — 
Other liabilities:
Foreign currency derivatives— — 
Total liabilities$108 $— $108 $— 
See Note 3 for further information regarding the fair value of our financial instruments. 
Our fixed income available-for-sale debt securities consist of high quality, investment grade securities from diverse issuers. We value these securities based on pricing from independent pricing vendors who use matrix pricing valuation techniques including market approach methodologies that model information generated by market transactions involving identical or comparable assets, as well as discounted cash flow methodologies. Inputs include quoted prices in active markets for identical assets or inputs other than quoted prices that are observable either directly or indirectly in determining fair value, including benchmark yields, issuer spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. We therefore categorize all of our fixed income available-for-sale securities as Level 2. We perform routine procedures such as comparing prices obtained from multiple independent sources to ensure that appropriate fair values are recorded.
The fair values of our money market funds, time deposits and deferred compensation plan assets, which consist of money market and other mutual funds, are based on quoted prices in active markets at the measurement date.
Our over-the-counter foreign currency and interest rate swap derivatives are valued using pricing models and discounted cash flow methodologies based on observable foreign exchange and interest rate data at the measurement date.
Our other current financial assets and current financial liabilities have fair values that approximate their carrying values.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The fair value of our senior notes was $6.17 billion as of February 27, 2026, excluding the associated interest rate swaps, based on observable market prices in less active markets and categorized as Level 2. See Note 13 for further details regarding our debt.