Financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2017 were as follows:
| | | | | | | | | | | | | | | | | | | | Fair Value Measurement at
October 31, 2017 Using | | October 31,
2017 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (in millions) | Assets: | | | | | | | | Short-term | | | | | | | | Cash equivalents (money market funds) | $ | 1,659 |
| | $ | 1,659 |
| | $ | — |
| | $ | — |
| Derivative instruments (foreign exchange contracts) | 4 |
| | — |
| | 4 |
| | — |
| Long-term | | | | | | | | Trading securities | 32 |
| | 32 |
| | — |
| | — |
| Total assets measured at fair value | $ | 1,695 |
| | $ | 1,691 |
| | $ | 4 |
| | $ | — |
| Liabilities: | | | | | | | | Short-term | | | | | | | | Derivative instruments (foreign exchange contracts) | $ | 6 |
| | $ | — |
| | $ | 6 |
| | $ | — |
| Long-term | | | | | | | | Deferred compensation liability | 32 |
| | — |
| | 32 |
| | — |
| Total liabilities measured at fair value | $ | 38 |
| | $ | — |
| | $ | 38 |
| | $ | — |
|
Financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2016 were as follows:
| | | | | | | | | | | | | | | | | | | | Fair Value Measurement at
October 31, 2016 Using | | October 31,
2016 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (in millions) | Assets: | | | | | | | | Short-term | | | | | | | | Cash equivalents (money market funds) | $ | 1,482 |
| | $ | 1,482 |
| | $ | — |
| | $ | — |
| Derivative instruments (foreign exchange contracts) | 9 |
| | — |
| | 9 |
| | — |
| Long-term | | | | | | | | Trading securities | 31 |
| | 31 |
| | — |
| | — |
| Total assets measured at fair value | $ | 1,522 |
| | $ | 1,513 |
| | $ | 9 |
| | $ | — |
| Liabilities: | | | | | | |
| Short-term | | | | | | | | Derivative instruments (foreign exchange contracts) | $ | 8 |
| | $ | — |
| | $ | 8 |
| | $ | — |
| Long-term | | | | | | | | Deferred compensation liability | 31 |
| | — |
| | 31 |
| | — |
| Total liabilities measured at fair value | $ | 39 |
| | $ | — |
| | $ | 39 |
| | $ | — |
|
|