FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Apr. 27, 2025

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


	April 27, 2025				October 27, 2024				April 28, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	43,029	$	43,119	$	44,309	$	44,336	$	45,278	$	44,741
Financing receivables securitized – net		7,765		7,710		8,723		8,654		7,262		7,063
Receivables from unconsolidated affiliates		557		557
Short-term securitization borrowings		7,562		7,588		8,431		8,453		6,976		6,935
Long-term borrowings due within one year		8,928		8,869		9,115		9,079		9,560		9,434
Long-term borrowings		42,742		42,423		43,157		42,804		40,882		40,059

Fair value measurements above were Level 3 for 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 27		October 27		April 28
	2025		2024		2024
Level 1:
Marketable securities:
International equity securities					$	3
U.S. equity fund						101
U.S. fixed income fund						24
U.S. government debt securities	$	259	$	239		263
Total Level 1 marketable securities		259		239		391

Level 2:
Marketable securities:
International fixed income fund		6
Corporate debt securities		452		423		213
International debt securities		154		143		148
Mortgage-backed securities		201		165		152
Municipal debt securities		87		74		67
U.S. government debt securities		113		110		123
Total Level 2 marketable securities		1,013		915		703
Other assets – Derivatives		434		357		191
Accounts payable and accrued expenses – Derivatives		614		582		1,005

Level 3:
Accounts payable and accrued expenses – Deferred consideration		128		147		164

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 April 27, 2025 follow:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	57	$	57
Due after one through five years		366		358
Due after five through 10 years		496		477
Due after 10 years		203		173
Mortgage-backed securities		227		201
Debt securities	$	1,349	$	1,266

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 and other adjustments

Fair value, nonrecurring Level 3 measurements from impairments and other adjustments were as follows:


	Fair Value				Losses (Gains)
					Three Months Ended		Six Months Ended
	April 27	October 27		April 28	April 27	April 28	April 27		April 28
	2025	2024		2024	2025	2024	2025*		2024
Other assets		$	23
Assets held for sale			2,944				$	(32)

* The gain on “Assets held for sale” recorded in the first quarter of 2025 represents a reversal of prior period valuation allowance loss, not in excess of cumulative valuation allowance recorded on “Assets held for sale.”