Fair Value (Tables)

3 Months Ended

Feb. 02, 2019

Fair Value of Financial Assets and Liabilities

The tables below, set forth by level, presents the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of February 2, 2019 and November 3, 2018. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of February 2, 2019 and November 3, 2018, the Company held $242.9 million and $217.6 million, respectively, of cash and held-to-maturity investments that were excluded from the tables below.



	February 2, 2019
	Fair Value measurement at Reporting Date using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds	$	258,105	$	—	$	258,105
Corporate obligations (1)	—		104,816		104,816
Other assets:
Deferred compensation investments	44,527		—		44,527
Total assets measured at fair value	$	302,632	$	104,816	$	407,448
Liabilities
Forward foreign currency exchange contracts (2)	—		1,457		1,457
Interest rate derivatives	—		34,162		34,162
Total liabilities measured at fair value	$	—	$	35,619	$	35,619


(1)	The amortized cost of the Company’s investments classified as available-for-sale as of February 2, 2019 was $104.9 million.


(2)	The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements.



	November 3, 2018
	Fair Value measurement at Reporting Date using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds	$	394,076	$	—	$	394,076
Corporate obligations (1)	—		204,886		204,886
Other assets:
Deferred compensation investments	41,001		—		41,001
Interest rate derivatives	—		1,436		1,436
Total assets measured at fair value	$	435,077	$	206,322	$	641,399
Liabilities
Forward foreign currency exchange contracts (2)	—		7,150		7,150
Total liabilities measured at fair value	$	—	$	7,150	$	7,150


(1)	The amortized cost of the Company’s investments classified as available-for-sale as of November 3, 2018 was $205.0 million.


(2)	The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements.

Schedule of Debt

The table below presents the estimated fair value of certain financial instruments not recorded at fair value on a recurring basis. The carrying amounts of the term loans approximate fair value. The term loans are classified as Level 2 measurements according to the fair value hierarchy. The fair values of the senior unsecured notes are obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy. See Note 10, Debt, in these Notes to Condensed Consolidated Financial Statements for further discussion related to outstanding debt.



	February 2, 2019				November 3, 2018
	Principal Amount Outstanding		Fair Value		Principal Amount Outstanding		Fair Value
3-Year term loan	$	325,000	325,000		425,000		425,000
5-Year term loan	1,350,000		1,350,000		1,350,000		1,350,000
2020 Notes, due March 2020	300,000		299,303		300,000		298,147
2021 Notes, due January 2021	450,000		447,199		450,000		444,568
2021 Notes, due December 2021	400,000		390,394		400,000		386,375
2023 Notes, due June 2023	500,000		485,170		500,000		479,189
2023 Notes, due December 2023	550,000		535,598		550,000		529,120
2025 Notes, due December 2025	850,000		838,224		850,000		829,611
2026 Notes, due December 2026	900,000		866,748		900,000		848,027
2036 Notes, due December 2036	250,000		236,160		250,000		232,627
2045 Notes, due December 2045	400,000		425,539		400,000		407,984
Total Debt	$	6,275,000	$	6,199,335	$	6,375,000	$	6,230,648