Fair Value of Financial Instruments

12 Months Ended

Nov. 01, 2020

Investments, All Other Investments [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The following table presents assets and liabilities measured at fair value (in thousands):

	November 1, 2020		November 3, 2019		Fair Value Hierarchy
Short-term investments	$	2,853	$	3,022	Level 1
Total financial assets	$	2,853	$	3,022
Deferred compensation plan liabilities	$	2,853	$	3,022	Level 1
Total financial liabilities	$	2,853	$	3,022

The fair value of the deferred compensation plan liabilities is based on the fair value of the investments corresponding to the employees’ investment selections, primarily in mutual funds, based on quoted prices in active markets for identical assets. The deferred compensation plan liability is recorded in Accrued compensation in the Consolidated Balance Sheets.

There have been no changes in the methodology used to fair value the financial instruments as well as no transfers between levels during the fiscal years ended November 1, 2020 and November 3, 2019.