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Fair Value | 3 Months Ended
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Feb. 03, 2024
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value Assets and Liabilities Recorded at Fair Value on a Recurring Basis The tables below, set forth by level, present the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of February 3, 2024 and October 28, 2023. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of February 3, 2024 and October 28, 2023, the Company held $721.4 million and $642.1 million, respectively, of cash that is excluded from the tables below.
| February 3, 2024
| Fair Value Measurement at Reporting Date Using: |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |  |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Government and institutional money market funds | $ | 512,453 |  |  | $ | — |  |  |  |  | $ | 512,453 |
Corporate obligations (1) | — |  |  | 69,755 |  |  |  |  | 69,755 |
Other assets: |  |  |  |  |  |  |
Forward foreign currency exchange contracts (2) | $ | — |  |  | $ | 4,044 |  |  |  |  | 4,044 |
Deferred compensation plan investments | 89,267 |  |  | — |  |  |  |  | 89,267 |
Total assets measured at fair value | $ | 601,720 |  |  | $ | 73,799 |  |  |  |  | $ | 675,519 |
Liabilities |  |  |  |  |  |  |
Forward foreign currency exchange contracts (2) | $ | — |  |  | $ | 11,282 |  |  |  |  | $ | 11,282 |
Interest rate derivatives (3) | — |  |  | 37,074 |  |  |  |  | 37,074 |
Total liabilities measured at fair value | $ | — |  |  | $ | 48,356 |  |  |  |  | $ | 48,356 |
(1)The amortized cost of the Company's investments classified as available-for-sale as of February 3, 2024 was $69.8 million. (2)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements. (3)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements.
| October 28, 2023
| Fair Value Measurement at Reporting Date Using: |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |  |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Government and institutional money market funds | $ | 315,980 |  |  | $ | — |  |  |  |  | $ | 315,980 |
Other assets: |  |  |  |  |  |  |
Forward foreign currency exchange contracts (1) | — |  |  | 1,940 |  |  |  |  | 1,940 |
Deferred compensation plan investments | 78,246 |  |  | — |  |  |  |  | 78,246 |
Total assets measured at fair value | $ | 394,226 |  |  | $ | 1,940 |  |  |  |  | $ | 396,166 |
Liabilities |  |  |  |  |  |  |
Forward foreign currency exchange contracts (1) | $ | — |  |  | $ | 13,515 |  |  |  |  | $ | 13,515 |
Interest rate derivatives (2) | — |  |  | 81,602 |  |  |  |  | 81,602 |
Total liabilities measured at fair value | $ | — |  |  | $ | 95,117 |  |  |  |  | $ | 95,117 |
(1)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements. (2)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements. Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company's commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($544.4 million and $547.2 million as of February 3, 2024 and October 28, 2023, respectively). The fair values of the senior unsecured notes are obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy.
| February 3, 2024 |  | October 28, 2023
| Principal Amount Outstanding |  | Fair Value |  | Principal Amount Outstanding |  | Fair Value
2024 Notes, due October 2024 | $ | 500,000 |  |  | $ | 500,183 |  |  | $ | 500,000 |  |  | $ | 499,473 |
2025 Notes, due April 2025 | 400,000 |  |  | 391,161 |  |  | 400,000 |  |  | 385,231 |
2026 Notes, due December 2026 | 900,000 |  |  | 874,033 |  |  | 900,000 |  |  | 851,023 |
2027 Notes, due June 2027 | 440,212 |  |  | 420,472 |  |  | 440,212 |  |  | 408,595 |
2028 Notes, due October 2028 | 750,000 |  |  | 659,548 |  |  | 750,000 |  |  | 628,999 |
2031 Notes, due October 2031 | 1,000,000 |  |  | 836,328 |  |  | 1,000,000 |  |  | 773,404 |
2032 Notes, due October 2032 | 300,000 |  |  | 286,680 |  |  | 300,000 |  |  | 269,828 |
2036 Notes, due December 2036 | 144,278 |  |  | 128,570 |  |  | 144,278 |  |  | 118,554 |
2041 Notes, due October 2041 | 750,000 |  |  | 545,101 |  |  | 750,000 |  |  | 479,078 |
2045 Notes, due December 2045 | 332,587 |  |  | 326,610 |  |  | 332,587 |  |  | 292,248 |
2051 Notes, due October 2051 | 1,000,000 |  |  | 685,693 |  |  | 1,000,000 |  |  | 590,666 |
Total senior unsecured notes | $ | 6,517,077 |  |  | $ | 5,654,379 |  |  | $ | 6,517,077 |  |  | $ | 5,297,099 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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