Debt And Money Market Securities

3 Months Ended

Jan. 27, 2012

Debt And Money Market Securities [Abstract]

Debt And Money Market Securities

NOTE 9: DEBT AND MONEY MARKET SECURITIES

The tables below summarize the carrying value and fair market value of our outstanding debt. The fair market value of our publicly traded debt is based on observable market prices. The fair market value of our non-publicly traded debt was estimated using a discounted cash flow analysis based on our current borrowing costs for debt with similar maturities, and the carrying values approximate the fair values as the maturities are less than three months for any commercial paper outstanding.

	January 27, 2012
	Balance Sheet (carrying value)		Fair Market Value
Publicly traded debt	$	1,200,000	$	1,328,165
Non-publicly traded debt		75,523		74,579
Total Debt	$	1,275,523	$	1,402,744

	October 28, 2011
	Balance Sheet (carrying value)		Fair Market Value
Publicly traded debt	$	800,000	$	888,251
Non-publicly traded debt		257,124		255,807
Total Debt	$	1,057,124	$	1,144,058

	January 28, 2011
	Balance Sheet (carrying value)		Fair Market Value
Publicly traded debt	$	800,000	$	897,968
Non-publicly traded debt		316,339		314,715
Total Debt	$	1,116,339	$	1,212,683

We did not elect the option to report our debt at fair value in our Condensed Consolidated Balance Sheets.

Our non-publicly traded debt consists of the following:

	January 27, 2012		October 28, 2011		January 28, 2011
Commercial paper	$	—	$	153,955	$	159,961
Credit facility borrowings		54,008		74,827		137,293
Industrial development bonds		12,502		12,502		12,502
Uncommitted borrowings		9,013		15,840		6,583
Total Non-publicly Traded Debt	$	75,523	$	257,124	$	316,339

On January 13, 2012, we issued $400,000 of unsecured Senior Notes that mature on January 15, 2022 with a coupon rate of 4.20%. The net proceeds were $396,816. The public offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. We used a portion of the net proceeds to pay down our commercial paper borrowings in the first quarter of 2012 and intend to use the remaining funds to retire our $200,000 of 5.625% Senior Notes that mature on May 1, 2012.

Our credit facilities have covenants that require us to maintain certain financial ratios. We were in compliance with these covenants as of January 27, 2012. Our debt covenants do not limit, nor are they reasonably likely to limit, our ability to obtain additional debt or equity financing.

To ensure availability of funds, we maintain uncommitted bank lines of credit sufficient to cover outstanding short-term borrowings. These arrangements are reviewed periodically for renewal and modification.

We invest in short-term securities, including money market funds, with high-credit quality financial institutions and diversify our holdings among such financial institutions to reduce our exposure to credit losses. The fair values of our short-term securities are $145,441, $38,005 and $13,959 as of January 27, 2012, October 28, 2011 and January 28, 2011, respectively. The money market funds are included in our cash and cash equivalents and restricted cash balances with the carrying values approximating the fair values as the maturities are less than three months. These assets are classified as Level 1 inputs under the fair value hierarchy. See Note 1 in Notes to Consolidated Financial Statements in our Form 10-K for more information on fair value measurements.

Restricted cash represents cash that is restricted from withdrawal. As of January 27, 2012, October 28, 2011 and January 28, 2011, we had restricted cash of $20,108, $20,378 and $12,679, respectively. The restricted cash primarily serves as collateral for our liability insurance programs.