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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Oct. 30, 2022
FAIR VALUE MEASUREMENTS |
Fair Value of Financial Instruments | The fair values of financial instruments that do not approximate the carrying values at October 30, 2022 and October 31, 2021 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair | ​
​ |  | Value |  | Value* |  | Value |  | Value* |
Financing receivables – net | ​ | $ | 36,634 | ​ | $ | 35,526 | ​ | $ | 33,799 | ​ | $ | 33,718 | ​
Financing receivables securitized – net | ​ | ​ | 5,936 | ​ | ​ | 5,698 | ​ | ​ | 4,659 | ​ | ​ | 4,704 | ​
Short-term securitization borrowings | ​ | ​ | 5,711 | ​ | ​ | 5,577 | ​ | ​ | 4,605 | ​ | ​ | 4,610 | ​
Long-term borrowings due within one year** |  | ​ | 7,466 |  | ​ | 7,322 |  | ​ | 8,330 |  | ​ | 8,364 | ​
Long-term borrowings** |  | ​ | 33,566 |  | ​ | 31,852 |  | ​ | 32,850 |  | ​ | 34,506 | ​
* Fair value measurements above were Level 3 for all financing receivables and Level 2 for all borrowings.
** | Values exclude finance lease liabilities that are presented as borrowings (see Note 24).
​
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at October 30, 2022 and October 31, 2021 at fair value on a recurring basis in millions of dollars follow, excluding the company’s cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
Level 1: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. equity fund |  | $ | 70 |  | $ | 75 | ​
International equity securities | ​ | ​ | 3 | ​ | ​ | 2 | ​
U.S. government debt securities | ​ |  | 62 | ​ |  | 59 | ​
Total Level 1 marketable securities | ​ | ​ | 135 | ​ | ​ | 136 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 2: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government debt securities | ​ | ​ | 121 | ​ | ​ | 139 | ​
Municipal debt securities | ​ |  | 63 | ​ |  | 73 | ​
Corporate debt securities | ​ |  | 200 | ​ |  | 224 | ​
International debt securities | ​ | ​ | 60 | ​ | ​ | 2 | ​
Mortgage-backed securities* | ​ |  | 155 | ​ |  | 154 | ​
Total Level 2 marketable securities | ​ |  | 599 | ​ |  | 592 | ​
Other assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | 373 | ​ | ​ | 275 | ​
Accounts payable and accrued expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | 1,231 | ​ | ​ | 228 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 3: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable and accrued expenses – Deferred consideration | ​ | ​ | 236 | ​ | ​ | ​ | ​
* Primarily issued by U.S. government sponsored enterprises. ​
Fair Value, Nonrecurring Measurements From Impairments | Fair value, nonrecurring measurements from impairments at October 30, 2022 and October 31, 2021 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value | ​ | Losses | ​
​ |  | 20221 |  | 2021 |  | 2022 |  | 2021 |  | 2020 | ​
Other receivables | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | $ | 2 | ​
Equipment on operating leases – net |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | 22 | ​
Inventories | ​ | $ | 19 | ​ | ​ | ​ | ​ | $ | 19 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment – net 2 |  | ​ | 15 |  | $ | 41 |  | ​ | 41 |  | $ | 44 |  | ​ | 102 | ​
Investments in unconsolidated affiliates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 50 | ​
Other intangible assets – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 28 |  | ​ | ​ |  | ​ | 2 | ​
Other assets 3 |  | ​ | ​ | ​ | ​ | 1 |  | ​ | ​ | ​ | ​ | 6 | ​ | ​ | 16 | ​
1 Related to assessments on the Russian operations, performed at May 1, 2022 and updated on July 31, 2022 and October 30, 2022. 2 2021 fair value of $41 million at January 31, 2021. 3 2021 fair value as of January 31, 2021. ​

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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