Fair Value (Tables)

3 Months Ended

Feb. 01, 2020

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 1, 2020 and November 2, 2019. 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 1, 2020 and November 2, 2019, the Company held $256.1 million and $231.4 million, respectively, of cash and held-to-maturity investments that were excluded from the tables below.


	February 1, 2020
	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	$	398,285	$	—	$	398,285















Other assets:
Deferred compensation investments	51,509		—		51,509


Total assets measured at fair value	$	449,794	$	—	$	449,794
Liabilities

Forward foreign currency exchange contracts (1)	—		666		666
Interest rate derivatives	—		156,216		156,216
Total liabilities measured at fair value	$	—	$	156,882	$	156,882

(1) 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 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	$	416,890	$	—	$	416,890









Other assets:

Deferred compensation investments	48,302		—		48,302

Total assets measured at fair value	$	465,192	$	—	$	465,192
Liabilities


Interest rate derivatives	—		138,798		138,798
Total liabilities measured at fair value	$	—	$	138,798	$	138,798

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.


	February 1, 2020						November 2, 2019
	Principal Amount Outstanding		Fair Value		Principal Amount Outstanding		Fair Value
3-Year term loan, due March 2022	$	925,000	$	925,000	$	925,000	$	925,000


2.85% Senior unsecured notes, due March 2020	300,000		300,279		300,000		300,872
2.95% Senior unsecured notes, due January 2021	450,000		454,611		450,000		454,634
2.50% Senior unsecured notes, due December 2021	400,000		405,176		400,000		402,591
2.875% Senior unsecured notes, due June 2023	500,000		515,306		500,000		511,190
3.125% Senior unsecured notes, due December 2023	550,000		576,275		550,000		567,159
3.90% Senior unsecured notes, due December 2025	850,000		932,764		850,000		914,567
3.50% Senior unsecured notes, due December 2026	900,000		969,376		900,000		940,192
4.50% Senior unsecured notes, due December 2036	250,000		279,974		250,000		270,891
5.30% Senior unsecured notes, due December 2045	400,000		515,583		400,000		491,439
Total debt	$	5,525,000	$	5,874,344	$	5,525,000	$	5,778,535