Debt And Money Market Securities

9 Months Ended

Jul. 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. Our publicly traded debt is classified as Level 1 within the fair value hierarchy as it has observable inputs based on quoted prices (unadjusted) in active markets for identical liabilities. 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. The carrying values approximate the fair values for our outstanding commercial paper as the maturities are less than three months. Our non-publicly traded debt is classified as Level 2 within the fair value hierarchy as it has observable inputs based on quoted prices for similar liabilities in active markets, or quoted prices for identical liabilities in inactive markets. See Note 1 in Notes to Consolidated Financial Statements in our Form 10-K for more information on fair value measurements. We did not elect the option to report our debt at fair value in our Condensed Consolidated Balance Sheets.

	July 27, 2012
	Balance Sheet (Carrying Value)		Fair Market Value
Publicly traded debt	$	1,000,000	$	1,130,506
Non-publicly traded debt		172,948		172,044
Total Debt	$	1,172,948	$	1,302,550

	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

	July 29, 2011
	Balance Sheet (Carrying Value)		Fair Market Value
Publicly traded debt	$	800,000	$	900,927
Non-publicly traded debt		364,834		363,402
Total Debt	$	1,164,834	$	1,264,329

Our non-publicly traded debt consists of the following:

	July 27, 2012		October 28, 2011		July 29, 2011
Commercial paper	$	110,980	$	153,955	$	255,907
Credit facility borrowings		44,364		74,827		83,793
Industrial development bonds		12,502		12,502		12,502
Uncommitted borrowings		5,102		15,840		12,632
Total Non-publicly Traded Debt	$	172,948	$	257,124	$	364,834

In the first quarter of 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 the net proceeds for general corporate purposes, including paying down our commercial paper borrowings and retiring our $200,000 of 5.625% Senior Notes that matured 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 July 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 $73,743, $34,114 and $18,042 as of July 27, 2012, October 28, 2011 and July 29, 2011, respectively. The short-term securities 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 as the fair value is determined using observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. See Note 1 in Notes to Consolidated Financial Statements in our Form 10-K for more information on fair value measurements. There were no transfers of short-term securities between Level 1 and Level 2 of the fair value hierarchy as of July 27, 2012, October 28, 2011 or July 29, 2011.

Restricted cash represents cash that is restricted from withdrawal. As of July 27, 2012, October 28, 2011 and July 29, 2011, we had restricted cash of $19,828, $20,378 and $21,062, respectively. The restricted cash primarily serves as collateral for our liability insurance programs.