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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Jul. 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.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | July 28, 2024 | ​ | October 29, 2023 | ​ | July 30, 2023 |
​ | ​ | Carrying Value | ​ | Fair Value | ​ | Carrying Value | ​ | Fair Value | ​ | Carrying Value | ​ | Fair Value |
Financing receivables – net | ​ | $ | 43,896 | ​ | $ | 43,713 | ​ | $ | 43,673 | ​ | $ | 42,777 | ​ | $ | 41,302 | ​ | $ | 40,675 | ​
Financing receivables securitized – net | ​ | ​ | 8,274 | ​ | ​ | 8,139 | ​ | ​ | 7,335 | ​ | ​ | 7,056 | ​ | ​ | 7,001 | ​ | ​ | 6,818 | ​
Short-term securitization borrowings | ​ | ​ | 7,869 | ​ | ​ | 7,872 | ​ | ​ | 6,995 | ​ | ​ | 6,921 | ​ | ​ | 6,608 | ​ | ​ | 6,538 | ​
Long-term borrowings due within one year | ​ | ​ | 9,273 | ​ | ​ | 9,190 | ​ | ​ | 8,331 | ​ | ​ | 8,156 | ​ | ​ | 7,765 | ​ | ​ | 7,568 | ​
Long-term borrowings | ​ | ​ | 42,617 | ​ | ​ | 42,076 | ​ | ​ | 38,428 | ​ | ​ | 36,873 | ​ | ​ | 38,064 | ​ | ​ | 37,121 | ​
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.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | July 28 |  | October 29 |  | July 30 |
​ | ​ | 2024 | ​ | 2023 | ​ | 2023 |
Level 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
International equity securities | ​ | ​ | ​ | ​ | $ | 3 | ​ | $ | 3 | ​
International mutual funds securities | ​ | ​ | ​ | ​ | ​ | 101 | ​ | ​ | ​ | ​
U.S. equity fund | ​ | ​ | ​ | ​ | ​ | 86 | ​ | ​ | 101 | ​
U.S. fixed income fund | ​ | ​ | ​ | ​ |  | 32 | ​ |  | 85 | ​
U.S. government debt securities | ​ | $ | 413 | ​ |  | 78 | ​ |  | 63 | ​
Total Level 1 marketable securities | ​ | ​ | 413 | ​ | ​ | 300 | ​ | ​ | 252 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate debt securities | ​ | ​ | 220 | ​ |  | 244 | ​ |  | 221 | ​
International debt securities | ​ | ​ | 145 | ​ | ​ | 1 | ​ | ​ | 2 | ​
Mortgage-backed securities | ​ | ​ | 154 | ​ |  | 185 | ​ |  | 163 | ​
Municipal debt securities | ​ | ​ | 69 | ​ |  | 75 | ​ |  | 69 | ​
U.S. government debt securities | ​ | ​ | 127 | ​ | ​ | 141 | ​ | ​ | 134 | ​
Total Level 2 marketable securities | ​ | ​ | 715 | ​ |  | 646 | ​ |  | 589 | ​
Other assets – Derivatives |  | ​ | 361 | ​ | ​ | 292 | ​ | ​ | 324 | ​
Accounts payable and accrued expenses – Derivatives |  | ​ | 582 | ​ | ​ | 1,130 | ​ | ​ | 948 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable and accrued expenses – Deferred consideration | ​ | ​ | 153 | ​ | ​ | 186 | ​ | ​ | 202 | ​
The mortgage-backed securities are primarily issued by U.S. government-sponsored enterprises.
Contractual Maturities of Debt Securities | The contractual maturities of available-for-sale debt securities at July 28, 2024 follow:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized |  | Fair |
​ | ​ | Cost | ​ | Value |
Due in one year or less |  | $ | 21 | ​ | $ | 21 | ​
Due after one through five years | ​ | ​ | 299 | ​ | ​ | 258 | ​
Due after five through 10 years | ​ | ​ | 557 | ​ | ​ | 540 | ​
Due after 10 years | ​ | ​ | 185 | ​ | ​ | 155 | ​
Mortgage-backed securities | ​ | ​ | 182 | ​ | ​ | 154 | ​
Debt securities |  | $ | 1,244 |  | $ | 1,128 | ​
Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.
Fair Value, Nonrecurring Level 3 Measurements from Impairments | Fair value, nonrecurring Level 3 measurements from impairments were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value | ​ | Losses | ​
​ |  |  |  |  |  |  |  |  |  | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | July 28 | ​ | October 29 | ​ | July 30 | ​ | July 28 | ​ | July 30 | ​ | July 28 | ​ | July 30 | ​
​ |  | 2024 |  | 2023 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Assets held for sale | ​ | $ | 2,965 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 53 | ​ | ​ | ​ | ​ | $ | 53 | ​ | ​ | ​ | ​

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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