Fair Value

3 Months Ended

Jan. 28, 2023

Fair ValueThe 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 January 28, 2023 and October 29, 2022. 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

January 28, 2023 and October 29, 2022, the Company held $702.6 million and $1,016.0 million, respectively, of cash that was excluded from the tables below.


	January 28, 2023
	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	$	967,897	$	—	$	967,897















Other assets:
Deferred compensation plan investments	70,236		—		70,236

Forward foreign currency exchange contracts	—		15,099		15,099
Total assets measured at fair value	$	1,038,133	$	15,099	$	1,053,232
Liabilities


Interest rate derivatives (1)	$	—	$	5,078	$	5,078
Total liabilities measured at fair value	$	—	$	5,078	$	5,078

(1)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements.


	October 29, 2022
	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	$	454,545	$	—	$	454,545









Other assets:

Deferred compensation plan investments	63,211		—		63,211

Total assets measured at fair value	$	517,756	$	—	$	517,756
Liabilities

Forward foreign currency exchange contracts	$	—	$	16,984	$	16,984

Total liabilities measured at fair value	$	—	$	16,984	$	16,984

Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis

Debt — The table below presents the estimated fair value of certain financial instruments not recorded at fair value on a recurring basis. 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.


	January 28, 2023				October 29, 2022
	Principal Amount Outstanding		Fair Value		Principal Amount Outstanding		Fair Value
2024 Notes, due October 2024	$	500,000	$	493,553	$	500,000	$	491,982
2025 Notes, due April 2025	400,000		387,653		400,000		383,378
2026 Notes, due December 2026	900,000		873,065		900,000		851,479
Maxim 2027 Notes, due June 2027	59,788		56,272		59,788		54,771
2027 Notes, due June 2027	440,212		423,393		440,212		410,091
2028 Notes, due October 2028	750,000		652,779		750,000		621,093
2031 Notes, due October 2031	1,000,000		839,410		1,000,000		786,772
2032 Notes, due October 2032	300,000		293,118		300,000		278,359
2036 Notes, due December 2036	144,278		136,279		144,278		126,274
2041 Notes, due October 2041	750,000		582,974		750,000		513,709
2045 Notes, due December 2045	332,587		346,169		332,587		313,931
2051 Notes, due October 2051	1,000,000		731,707		1,000,000		640,766
Total debt	$	6,576,865	$	5,816,372	$	6,576,865	$	5,472,605

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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