Fair Value (Tables)

9 Months Ended

Aug. 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 August 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 August 1, 2020 and November 2, 2019, the Company held $144.8 million and $231.4 million, respectively, of cash and held-to-maturity investments that were excluded from the tables below.


	August 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	$	945,471	$	—	$	945,471















Other assets:
Deferred compensation investments	52,956		—		52,956

Forward foreign currency exchange contracts (1)	—		8,400		8,400
Total assets measured at fair value	$	998,427	$	8,400	$	1,006,827
Liabilities


Interest rate derivatives	$	—	$	258,071	$	258,071
Total liabilities measured at fair value	$	—	$	258,071	$	258,071

(1) The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 10, 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 loan approximates fair value. The term loan is classified as a Level 2 measurement 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.


	August 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		300,872
2.95% Senior unsecured notes, due January 2021	450,000		455,085		450,000		454,634
2.50% Senior unsecured notes, due December 2021	400,000		410,100		400,000		402,591
2.875% Senior unsecured notes, due June 2023	500,000		528,773		500,000		511,190
3.125% Senior unsecured notes, due December 2023	550,000		594,446		550,000		567,159
2.95% Senior unsecured notes, due April 2025	400,000		439,468		—		—
3.90% Senior unsecured notes, due December 2025	850,000		980,777		850,000		914,567
3.50% Senior unsecured notes, due December 2026	900,000		1,026,081		900,000		940,192
4.50% Senior unsecured notes, due December 2036	250,000		310,681		250,000		270,891
5.30% Senior unsecured notes, due December 2045	400,000		576,504		400,000		491,439
Total debt	$	5,625,000	$	6,246,915	$	5,525,000	$	5,778,535