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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Apr. 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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April 28, 2024

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October 29, 2023

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April 30, 2023

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Carrying Value

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Fair Value

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Carrying Value

​

Fair Value

​

Carrying Value

​

Fair Value

Financing receivables – net

​

$

45,278

​

$

44,741

​

$

43,673

​

$

42,777

​

$

38,954

​

$

38,337

​

Financing receivables securitized – net

​

​

7,262

​

​

7,063

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​

7,335

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​

7,056

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​

5,659

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​

5,494

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Short-term securitization borrowings

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6,976

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​

6,935

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​

6,995

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​

6,921

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​

5,379

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​

5,271

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Long-term borrowings due within one year

​

​

9,560

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​

9,434

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​

8,331

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​

8,156

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​

7,618

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​

7,461

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Long-term borrowings

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​

40,882

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​

40,059

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​

38,428

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36,873

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35,571

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​

34,802

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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.

​	​	​	​	​	​	​	​	​	​	​
​		April 28			October 29			April 30
​	​	2024		​	2023		​	2023
Level 1	​	​	​	​	​	​	​	​	​	​
Marketable securities:	​	​	​	​	​	​	​	​	​	​
International equity securities	​	$	3	​	$	3	​	$	2	​
International mutual funds securities	​	​	​	​	​	101	​	​	11	​
U.S. equity fund	​	​	101	​	​	86	​	​	92	​
U.S. fixed income fund	​	​	24	​		32	​		97	​
U.S. government debt securities	​	​	263	​		78	​		64	​
Total Level 1 marketable securities	​	​	391	​	​	300	​	​	266	​
​	​	​	​	​	​	​	​	​	​	​
Level 2	​	​	​	​	​	​	​	​	​	​
Marketable securities:	​	​	​	​	​	​	​	​	​	​
Corporate debt securities	​	​	213	​		244	​		213	​
International debt securities	​	​	148	​	​	1	​	​	1	​
Mortgage-backed securities	​	​	152	​		185	​		168	​
Municipal debt securities	​	​	67	​		75	​		70	​
U.S. government debt securities	​	​	123	​	​	141	​	​	138	​
Total Level 2 marketable securities	​	​	703	​		646	​		590	​
Other assets - Derivatives		​	191	​	​	292	​	​	367	​
Accounts payable and accrued expenses - Derivatives		​	1,005	​	​	1,130	​	​	758	​
​	​	​	​	​	​	​	​	​	​	​
Level 3	​	​	​	​	​	​	​	​	​	​
Accounts payable and accrued expenses - Deferred consideration	​	​	164	​	​	186	​	​	214	​

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 April 28, 2024 follow:

​	​	​	​	​	​	​	​
​		Amortized			Fair
​	​	Cost		​	Value
Due in one year or less		$	17	​	$	17	​
Due after one through five years	​	​	293	​	​	254	​
Due after five through 10 years	​	​	421	​	​	386	​
Due after 10 years	​	​	192	​	​	157	​
Mortgage-backed securities	​	​	186	​	​	152	​
Debt securities		$	1,109		$	966	​

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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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-Topic 820
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-Section 50
-Paragraph 2
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-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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+ References

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