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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Jan. 29, 2023
FAIR VALUE MEASUREMENTS |
Fair Value of Financial Instruments | The fair values of financial instruments that do not approximate the carrying values were as follows in millions of dollars. Long-term borrowings exclude finance lease liabilities.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | January 29, 2023 | ​ | October 30, 2022 | ​ | January 30, 2022 |
​ | ​ | Carrying Value | ​ | Fair Value | ​ | Carrying Value | ​ | Fair Value | ​ | Carrying Value | ​ | Fair Value |
Financing receivables – net | ​ | $ | 36,882 | ​ | $ | 35,894 | ​ | $ | 36,634 | ​ | $ | 35,526 | ​ | $ | 33,191 | ​ | $ | 33,033 | ​
Financing receivables securitized – net | ​ | ​ | 5,089 | ​ | ​ | 4,869 | ​ | ​ | 5,936 | ​ | ​ | 5,698 | ​ | ​ | 3,516 | ​ | ​ | 3,530 | ​
Short-term securitization borrowings | ​ | ​ | 4,864 | ​ | ​ | 4,785 | ​ | ​ | 5,711 | ​ | ​ | 5,577 | ​ | ​ | 3,482 | ​ | ​ | 3,468 | ​
Long-term borrowings due within one year | ​ | ​ | 7,378 | ​ | ​ | 7,220 | ​ | ​ | 7,466 |  | ​ | 7,322 | ​ | ​ | 8,313 | ​ | ​ | 8,322 | ​
Long-term borrowings | ​ | ​ | 35,035 | ​ | ​ | 34,149 | ​ | ​ | 33,566 |  | ​ | 31,852 | ​ | ​ | 32,806 | ​ | ​ | 33,843 | ​
Fair value measurements above were Level 3 for all financing receivables and Level 2 for all borrowings.
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis in millions of dollars follow, excluding the Company’s cash equivalents, which were carried at cost that approximates fair value and consisted of money market funds and time deposits. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | January 29 |  | October 30 |  | January 30 |
​ | ​ | 2023 | ​ | 2022 | ​ | 2022 |
Level 1: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
International equity securities | ​ | $ | 2 | ​ | $ | 3 | ​ | $ | 2 | ​
U.S. equity fund | ​ | ​ | 86 | ​ | ​ | 70 | ​ | ​ | 72 | ​
U.S. fixed income fund | ​ | ​ | 118 | ​ |  | ​ | ​ |  | ​ | ​
U.S. government debt securities | ​ | ​ | 64 | ​ |  | 62 | ​ |  | 63 | ​
Total Level 1 marketable securities | ​ | ​ | 270 | ​ | ​ | 135 | ​ | ​ | 137 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 2: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government debt securities | ​ | ​ | 127 | ​ | ​ | 121 | ​ | ​ | 138 | ​
Municipal debt securities | ​ | ​ | 71 | ​ |  | 63 | ​ |  | 74 | ​
Corporate debt securities | ​ | ​ | 209 | ​ |  | 200 | ​ |  | 229 | ​
International debt securities | ​ | ​ | 18 | ​ | ​ | 60 | ​ | ​ | 2 | ​
Mortgage-backed securities | ​ | ​ | 157 | ​ |  | 155 | ​ |  | 155 | ​
Total Level 2 marketable securities | ​ | ​ | 582 | ​ |  | 599 | ​ |  | 598 | ​
Other assets – Derivatives |  | ​ | 360 | ​ | ​ | 373 | ​ | ​ | 299 | ​
Accounts payable and accrued expenses – Derivatives | ​ | ​ | 891 | ​ | ​ | 1,231 | ​ | ​ | 276 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 3: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable and accrued expenses – Deferred consideration |  | ​ | 225 | ​ | ​ | 236 | ​ | ​ | ​ | ​
Contractual Maturities of Debt Securities | ​ The contractual maturities of debt securities at January 29, 2023 in millions of dollars are shown below. Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Because of the potential for prepayment on mortgage-backed securities, they are not categorized by contractual maturity.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair | ​
​ | ​ | Cost | ​ | Value | ​
Due in one year or less |  | $ | 35 | ​ | $ | 35 | ​
Due after one through five years | ​ | ​ | 111 | ​ | ​ | 105 | ​
Due after five through 10 years | ​ | ​ | 197 | ​ | ​ | 176 | ​
Due after 10 years | ​ | ​ | 204 | ​ | ​ | 173 | ​
Mortgage-backed securities | ​ | ​ | 182 | ​ | ​ | 157 | ​
Debt securities |  | $ | 729 |  | $ | 646 | ​
​
Fair Value, Nonrecurring Level 3 Measurements from Impairments | Fair value, nonrecurring Level 3 measurements from impairments, excluding financing receivables with specific allowances which were not significant, were as follows in millions of dollars.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value | ​ | Losses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Three Months Ended | ​
​ | ​ | January 29 | ​ | October 30 | ​ | January 30 | ​ | January 29 | ​ | January 30 | ​
​ |  | 2023 |  | 2022 |  | 2022 |  | 2023 | ​ | 2022 |
Inventories | ​ | ​ | ​ | ​ | $ | 19 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment – net | ​ | ​ | ​ | ​ | ​ | 15 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​

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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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