FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Oct. 29, 2023

FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values at October 29, 2023 and October 30, 2022 follow:

	2023				2022
	Carrying		Fair		Carrying		Fair
	Value		Value*		Value		Value*
Financing receivables – net	$	43,673	$	42,777	$	36,634	$	35,526
Financing receivables securitized – net		7,335		7,056		5,936		5,698
Short-term securitization borrowings		6,995		6,921		5,711		5,577
Long-term borrowings due within one year**		8,331		8,156		7,466		7,322
Long-term borrowings**		38,428		36,873		33,566		31,852

*    Fair value measurements above were Level 3 for all financing receivables and Level 2 for all borrowings.

** Values exclude finance lease liabilities that are presented as borrowings (see Note 24).

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at October 29, 2023 and October 30, 2022 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:

	2023		2022
Level 1:
Marketable securities
International equity securities	$	3	$	3
International mutual funds securities		101
U.S. equity fund		86		70
U.S. fixed income fund		32
U.S. government debt securities		78		62
Total Level 1 marketable securities		300		135
Level 2:
Marketable securities
Corporate debt securities		244		200
International debt securities		1		60
Mortgage-backed securities*		185		155
Municipal debt securities		75		63
U.S. government debt securities		141		121
Total Level 2 marketable securities		646		599
Other assets - Derivatives		292		373
Accounts payable and accrued expenses - Derivatives		1,130		1,231
Level 3:
Accounts payable and accrued expenses – Deferred consideration		186		236

*    Primarily issued by U.S. government sponsored enterprises.

Fair Value, Nonrecurring Level 3 Measurements from Impairments

Fair value, nonrecurring level 3 measurements from impairments at October 29, 2023 and October 30, 2022 follow:

	Fair Value			Losses
	2023	2022 1		2023	2022		2021
Inventories		$	19		$	19
Property and equipment – net			15			41	$	44
Other intangible assets – net						28
Other assets								6

¹ Related to assessments on the Russian operations, performed at May 1, 2022 and updated on July 31, 2022 and October 30, 2022.