Fair Value (Tables)

9 Months Ended

Aug. 03, 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 August 3, 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 August 3, 2019 and November 3, 2018, the Company held $250.7 million and $217.6 million, respectively, of cash and held-to-maturity investments that were excluded from the tables below.



	August 3, 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	$	321,499	$	—	$	321,499
Corporate obligations (1)	—		39,968		39,968
Other assets:
Deferred compensation investments	46,888		—		46,888
Total assets measured at fair value	$	368,387	$	39,968	$	408,355
Liabilities
Forward foreign currency exchange contracts (2)	—		3,746		3,746
Interest rate derivatives	—		121,754		121,754
Total liabilities measured at fair value	$	—	$	125,500	$	125,500


(1)	The amortized cost of the Company’s investments classified as available-for-sale as of August 3, 2019 was $40.0 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.



	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.



	August 3, 2019				November 3, 2018
	Principal Amount Outstanding		Fair Value		Principal Amount Outstanding		Fair Value
3-Year term loan, due March 2022	$	1,125,000	$	1,125,000	$	—	$	—
3-Year term loan, due March 2020	—		—		425,000		425,000
5-Year term loan, due March 2022	—		—		1,350,000		1,350,000
2.85% Senior unsecured notes, due March 2020	300,000		301,375		300,000		298,147
2.95% Senior unsecured notes, due January 2021	450,000		455,147		450,000		444,568
2.50% Senior unsecured notes, due December 2021	400,000		403,714		400,000		386,375
2.875% Senior unsecured notes, due June 2023	500,000		512,529		500,000		479,189
3.125% Senior unsecured notes, due December 2023	550,000		568,844		550,000		529,120
3.90% Senior unsecured notes, due December 2025	850,000		921,161		850,000		829,611
3.50% Senior unsecured notes, due December 2026	900,000		944,452		900,000		848,027
4.50% Senior unsecured notes, due December 2036	250,000		273,838		250,000		232,627
5.30% Senior unsecured notes, due December 2045	400,000		494,982		400,000		407,984
Total debt	$	5,725,000	$	6,001,042	$	6,375,000	$	6,230,648