The fair value of our financial assets and liabilities at December 3, 2021 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 | $ | 5 | | | $ | — | | | $ | 5 | | | $ | — | | | Money market funds | 2,914 | | | 2,914 | | | — | | | — | | |
| Time deposits | 175 | | | 175 | | | — | | | — | | |
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| Short-term investments: | | | | | | | | | Asset-backed securities | 124 | | | — | | | 124 | | | — | | | Corporate debt securities | 1,425 | | | — | | | 1,425 | | | — | | |
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| Municipal securities | 28 | | | — | | | 28 | | | — | | |
| U.S. Treasury securities | 377 | | | — | | | 377 | | | — | | | Prepaid expenses and other current assets: | | | | | | | | | Foreign currency derivatives | 98 | | | — | | | 98 | | | — | | | Other assets: | | | | | | | | | Deferred compensation plan assets | 151 | | | 151 | | | — | | | — | | | Total assets | $ | 5,297 | | | $ | 3,240 | | | $ | 2,057 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | Accrued expenses: | | | | | | | | |
| Foreign currency derivatives | $ | 8 | | | $ | — | | | $ | 8 | | | $ | — | | |
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The fair value of our financial assets and liabilities at November 27, 2020 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 | $ | 28 | | | $ | — | | | $ | 28 | | | $ | — | | | Money market funds | 3,483 | | | 3,483 | | | — | | | — | | | Time deposits | 118 | | | 118 | | | — | | | — | | | Short-term investments: | | | | | | | | | Asset-backed securities | 106 | | | — | | | 106 | | | — | | | Corporate debt securities | 1,386 | | | — | | | 1,386 | | | — | | | Foreign government securities | 3 | | | — | | | 3 | | | — | | | Municipal securities | 19 | | | — | | | 19 | | | — | | |
| Prepaid expenses and other current assets: | | | | | | | | | Foreign currency derivatives | 15 | | | — | | | 15 | | | — | | | Other assets: | | | | | | | | | Deferred compensation plan assets | 116 | | | 116 | | | — | | | — | | | Total assets | $ | 5,274 | | | $ | 3,717 | | | $ | 1,557 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | Accrued expenses: | | | | | | | | |
| Foreign currency derivatives | $ | 4 | | | $ | — | | | $ | 4 | | | $ | — | | |
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