FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

8.    FAIR VALUE MEASUREMENTS

The authoritative guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market and assumptions that market participants would use when pricing the asset or liability.

Fair Value Hierarchy

The guidance establishes a fair value hierarchy that prioritizes inputs used in valuation techniques into three levels. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value:

Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, for the asset or liability such as: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in less active markets; or other inputs that can be derived principally from, or corroborated by, observable market data.

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2025 and October 31, 2024 were as follows:

	Fair Value Measurements at
	July 31, 2025										October 31, 2024
	Total		Level 1		Level 2		Level 3		Other		Total		Level 1		Level 2		Level 3		Other
	(in millions)
Assets:
Short-term
Money market funds	$	2,965	$	2,965	$	—	$	—	$	—	$	1,141	$	1,141	$	—	$	—	$	—
Derivative instruments (foreign exchange contracts)	12		—		12		—		—		38		—		38		—		—
Long-term
Equity investments	122		122		—		—		—		80		80		—		—		—
Investments - other	35		—		—		—		35		29		—		—		—		29
Total assets measured at fair value	$	3,134	$	3,087	$	12	$	—	$	35	$	1,288	$	1,221	$	38	$	—	$	29
Liabilities:
Short-term
Derivative instruments (foreign exchange contracts)	$	15	$	—	$	15	$	—	$	—	$	6	$	—	$	6	$	—	$	—
Long-term
Deferred compensation liability	38		—		38		—		—		34		—		34		—		—
Total liabilities measured at fair value	$	53	$	—	$	53	$	—	$	—	$	40	$	—	$	40	$	—	$	—

As of July 31, 2025, money market funds include net proceeds from the 2030 Senior Notes, restricted to support a planned acquisition. See Note 10, “ Debt,” for additional information.

Our investments in money market funds and equity investments with readily determinable fair values are measured at fair value using quoted market prices and, therefore, are classified within Level 1 of the fair value hierarchy. Equity and fixed income investments or convertible notes without readily determinable fair values that are either measured at cost, adjusted for observable changes in price or impairments, or accounted for under a measurement alternative are not categorized in the fair value hierarchy and are presented as “investments - other” in the table above. Our deferred compensation liability is classified as Level 2 because the inputs used in the calculations are observable, although the values are not directly based on quoted market prices. Our derivative financial instruments are classified within Level 2 as there is not an active market for each hedge contract, but the inputs used to calculate the value of the instruments are tied to active markets.

Equity investments, including securities that are earmarked to pay the deferred compensation liability, are reported at fair value, with gains or losses resulting from changes in fair value recognized in earnings within “other income (expense), net” in the condensed consolidated statement of operations. Certain derivative instruments are reported at fair value, with unrealized gains and losses, net of tax, included in “accumulated other comprehensive income (loss).”

There were no realized gains or losses from the sale of investments for the three and nine months ended July 31, 2025 and 2024, respectively. Net unrealized gain (loss) on our equity and other investments was as follows:

	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2025		2024		2025		2024
	(in millions)
Net unrealized gains (losses) on equity and other investments still held	$	19	$	3	$	42	$	13