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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jan. 28, 2024

FAIR VALUE MEASUREMENTS

Fair Values of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values were as follows. Long-term borrowings exclude finance lease liabilities.

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January 28, 2024

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October 29, 2023

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January 29, 2023

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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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$

43,708

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$

43,236

​

$

43,673

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$

42,777

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$

36,882

​

$

35,894

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Financing receivables securitized – net

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​

6,400

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​

6,225

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7,335

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7,056

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5,089

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4,869

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Short-term securitization borrowings

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6,116

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6,104

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6,995

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6,921

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4,864

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​

4,785

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Long-term borrowings due within one year

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8,402

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8,283

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8,331

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8,156

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7,378

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7,220

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Long-term borrowings

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39,878

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39,321

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38,428

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36,873

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35,035

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34,149

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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 follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.

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​	​	​	​	​	​	​	​	​	​	​
​		January 28			October 29			January 29
​	​	2024		​	2023		​	2023
Level 1:	​	​	​	​	​	​	​	​	​	​
Marketable securities		​	​	​	​	​	​	​	​	​
International equity securities	​	$	5	​	$	3	​	$	2	​
International mutual funds securities	​	​	57	​	​	101	​	​	​	​
U.S. equity fund	​	​	105	​	​	86	​	​	86	​
U.S. fixed income fund	​	​	34	​		32	​		118	​
U.S. government debt securities	​	​	274	​		78	​		64	​
Total Level 1 marketable securities	​	​	475	​	​	300	​	​	270	​
​	​	​	​	​	​	​	​	​	​	​
Level 2:	​	​	​	​	​	​	​	​	​	​
Marketable securities	​	​	​	​	​	​	​	​	​	​
Corporate debt securities	​	​	220	​		244	​		209	​
International debt securities	​	​	87	​	​	1	​	​	18	​
Mortgage-backed securities	​	​	161	​		185	​		157	​
Municipal debt securities	​	​	69	​		75	​		71	​
U.S. government debt securities	​	​	124	​	​	141	​	​	127	​
Total Level 2 marketable securities	​	​	661	​		646	​		582	​
Other assets – Derivatives		​	253	​	​	292	​	​	360	​
Accounts payable and accrued expenses – Derivatives	​	​	744	​	​	1,130	​	​	891	​
​	​	​	​	​	​	​	​	​	​	​
Level 3:	​	​	​	​	​	​	​	​	​	​
Accounts payable and accrued expenses – Deferred consideration		​	176	​	​	186	​	​	225	​

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The mortgage-backed securities are primarily issued by U.S. government sponsored enterprises.

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at January 28, 2024 follow:

​	​	​	​	​	​	​	​
​	​	Amortized		​	Fair		​
​	​	Cost		​	Value		​
Due in one year or less		$	22	​	$	21	​
Due after one through five years	​	​	242	​	​	194	​
Due after five through 10 years	​	​	421	​	​	398	​
Due after 10 years	​	​	192	​	​	161	​
Mortgage-backed securities	​	​	189	​	​	161	​
Debt securities		$	1,066		$	935	​

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Section 50
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-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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-Section 50
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-Publisher FASB
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