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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

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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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).

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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).

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