FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jan. 29, 2023

FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments

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

	January 29, 2023				October 30, 2022				January 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	36,882	$	35,894	$	36,634	$	35,526	$	33,191	$	33,033
Financing receivables securitized – net		5,089		4,869		5,936		5,698		3,516		3,530
Short-term securitization borrowings		4,864		4,785		5,711		5,577		3,482		3,468
Long-term borrowings due within one year		7,378		7,220		7,466		7,322		8,313		8,322
Long-term borrowings		35,035		34,149		33,566		31,852		32,806		33,843

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 in millions of dollars follow, excluding the Company’s cash equivalents, which were carried at cost that approximates fair value and consisted of money market funds and time deposits.

	January 29		October 30		January 30
	2023		2022		2022
Level 1:
Marketable securities
International equity securities	$	2	$	3	$	2
U.S. equity fund		86		70		72
U.S. fixed income fund		118
U.S. government debt securities		64		62		63
Total Level 1 marketable securities		270		135		137
Level 2:
Marketable securities
U.S. government debt securities		127		121		138
Municipal debt securities		71		63		74
Corporate debt securities		209		200		229
International debt securities		18		60		2
Mortgage-backed securities		157		155		155
Total Level 2 marketable securities		582		599		598
Other assets – Derivatives		360		373		299
Accounts payable and accrued expenses – Derivatives		891		1,231		276
Level 3:
Accounts payable and accrued expenses – Deferred consideration		225		236

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at January 29, 2023 in millions of dollars are shown below. Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Because of the potential for prepayment on mortgage-backed securities, they are not categorized by contractual maturity.

	Amortized		Fair
	Cost		Value
Due in one year or less	$	35	$	35
Due after one through five years		111		105
Due after five through 10 years		197		176
Due after 10 years		204		173
Mortgage-backed securities		182		157
Debt securities	$	729	$	646

Fair Value, Nonrecurring Level 3 Measurements from Impairments

Fair value, nonrecurring Level 3 measurements from impairments, excluding financing receivables with specific allowances which were not significant, were as follows in millions of dollars.

	Fair Value				Losses
					Three Months Ended
	January 29	October 30		January 30	January 29	January 30
	2023	2022		2022	2023	2022
Inventories		$	19
Property and equipment – net			15