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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Apr. 30, 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.

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April 30, 2023

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October 30, 2022

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May 1, 2022

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Carrying Value

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Fair Value

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Carrying Value

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Fair Value

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Carrying Value

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Fair Value

Financing receivables – net

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$

38,954

​

$

38,337

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$

36,634

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$

35,526

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$

34,085

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$

33,540

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Financing receivables securitized – net

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5,659

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5,494

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5,936

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​

5,698

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4,073

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4,016

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Short-term securitization borrowings

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5,379

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5,271

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5,711

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5,577

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​

4,006

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3,944

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Long-term borrowings due within one year

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7,618

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7,461

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7,466

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7,322

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8,434

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​

8,398

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Long-term borrowings

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35,571

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34,802

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33,566

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31,852

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32,410

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31,975

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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.

​	​	​	​	​	​	​	​	​	​	​
​		April 30			October 30			May 1
​	​	2023		​	2022		​	2022
Level 1:	​	​	​	​	​	​	​	​	​	​
Marketable securities	​	​	​	​	​	​	​	​	​	​
International equity securities	​	$	2	​	$	3	​	$	2	​
International mutual funds	​	​	11	​	​	​	​	​	​	​
U.S. equity fund	​	​	92	​	​	70	​	​	65	​
U.S. fixed income fund	​	​	97	​		​	​		​	​
U.S. government debt securities	​	​	64	​		62	​		59	​
Total Level 1 marketable securities	​	​	266	​	​	135	​	​	126	​
​	​	​	​	​	​	​	​	​	​	​
Level 2:	​	​	​	​	​	​	​	​	​	​
Marketable securities	​	​	​	​	​	​	​	​	​	​
U.S. government debt securities	​	​	138	​	​	121	​	​	130	​
Municipal debt securities	​	​	70	​		63	​		67	​
Corporate debt securities	​	​	213	​		200	​		206	​
International debt securities	​	​	1	​	​	60	​	​	2	​
Mortgage-backed securities	​	​	168	​		155	​		151	​
Total Level 2 marketable securities	​	​	590	​		599	​		556	​
Other assets - Derivatives		​	367	​	​	373	​	​	407	​
Accounts payable and accrued expenses - Derivatives		​	758	​	​	1,231	​	​	780	​
​	​	​	​	​	​	​	​	​	​	​
Level 3:	​	​	​	​	​	​	​	​	​	​
Accounts payable and accrued expenses - Deferred consideration	​	​	214	​	​	236	​	​	262	​

​

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at April 30, 2023 in millions of dollars are shown below. Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Unrealized losses were not recognized in income due to the ability and intent to hold to maturity. 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		$	25	​	$	25	​
Due after one through five years	​	​	123	​	​	116	​
Due after five through 10 years	​	​	192	​	​	171	​
Due after 10 years	​	​	206	​	​	174	​
Mortgage-backed securities	​	​	193	​	​	168	​
Debt securities		$	739		$	654	​

​

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. Inventories and property and equipment – net fair values for October 30, 2022 represent the fair value assessment at May 1, 2022.

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Fair Value

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Losses

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Three Months Ended

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Six Months Ended

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April 30

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October 30

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May 1

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April 30

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May 1

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April 30

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May 1

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2023

2022

2022

2023

2022

2023

2022

Inventories

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$

19

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$

19

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$

8

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$

8

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Property and equipment – net

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15

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15

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41

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41

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Other intangible assets – net

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28

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28

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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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