XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Fair Value (Tables) | 9 Months Ended
--- | ---
Aug. 03, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Financial Assets and Liabilities | 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 August 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 August 3, 2024 and October 28, 2023, the Company held $1,018.8 million and $642.1 million, respectively, of cash that is excluded from the tables below.
| August 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 | $ | 620,853 |  |  | $ | — |  |  |  |  | $ | 620,853 |
Corporate obligations (1) | — |  |  | 168,422 |  |  |  |  | 168,422 |
Bank obligations (1) | — |  |  | 298,000 |  |  |  |  | 298,000 |
Short-term investments: (2) |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Securities with one year or less to maturity: |  |  |  |  |  |  |
Corporate obligations (1) | — |  |  | 139,614 |  |  |  |  | 139,614 |
Bank obligations (1) | — |  |  | 300,053 |  |  |  |  | 300,053 |
Other assets: |  |  |  |  |  |  |
Forward foreign currency exchange contracts (3) | — |  |  | 7,514 |  |  |  |  | 7,514 |
Deferred compensation plan investments | 97,586 |  |  | — |  |  |  |  | 97,586 |
Total assets measured at fair value | $ | 718,439 |  |  | $ | 913,603 |  |  |  |  | $ | 1,632,042 |
Liabilities |  |  |  |  |  |  |
Forward foreign currency exchange contracts (3) | $ | — |  |  | $ | 5,996 |  |  |  |  | $ | 5,996 |
Interest rate derivatives (4) | — |  |  | 15,905 |  |  |  |  | 15,905 |
Total liabilities measured at fair value | $ | — |  |  | $ | 21,901 |  |  |  |  | $ | 21,901 |
(1)The amortized cost of the Company's investments classified as available-for-sale as of August 3, 2024 was $914.6 million. (2)These investments are adjusted to fair value based on quoted market prices or are determined using a yield curve model based on current market rates. (3)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. (4)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.
Schedule of Debt | 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 ($547.4 million and $547.2 million as of August 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.
| August 3, 2024 |  | October 28, 2023
| Principal Amount Outstanding |  | Fair Value |  | Principal Amount Outstanding |  | Fair Value
2024 Notes, due October 2024 | $ | 500,000 |  |  | $ | 499,698 |  |  | $ | 500,000 |  |  | $ | 499,473 |
2025 Notes, due April 2025 | 400,000 |  |  | 394,533 |  |  | 400,000 |  |  | 385,231 |
2026 Notes, due December 2026 | 900,000 |  |  | 885,380 |  |  | 900,000 |  |  | 851,023 |
2027 Notes, due June 2027 | 440,212 |  |  | 431,739 |  |  | 440,212 |  |  | 408,595 |
2028 Notes, due October 2028 | 750,000 |  |  | 680,664 |  |  | 750,000 |  |  | 628,999 |
2031 Notes, due October 2031 | 1,000,000 |  |  | 856,266 |  |  | 1,000,000 |  |  | 773,404 |
2032 Notes, due October 2032 | 300,000 |  |  | 296,644 |  |  | 300,000 |  |  | 269,828 |
2034 Notes, due April 2034 | 550,000 |  |  | 570,226 |  |  | — |  |  | — |
2036 Notes, due December 2036 | 144,278 |  |  | 135,720 |  |  | 144,278 |  |  | 118,554 |
2041 Notes, due October 2041 | 750,000 |  |  | 558,156 |  |  | 750,000 |  |  | 479,078 |
2045 Notes, due December 2045 | 332,587 |  |  | 338,550 |  |  | 332,587 |  |  | 292,248 |
2051 Notes, due October 2051 | 1,000,000 |  |  | 694,750 |  |  | 1,000,000 |  |  | 590,666 |
2054 Notes, due April 2054 | 550,000 |  |  | 566,002 |  |  | — |  |  | — |
Total senior unsecured notes | $ | 7,617,077 |  |  | $ | 6,908,328 |  |  | $ | 6,517,077 |  |  | $ | 5,297,099 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration