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Fair Value
 9 Months Ended
Aug. 03, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The tables below, set forth by level, present 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, 2024 and October 28, 2023. 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, 2024 and October 28, 2023, the Company held $1,018.8 million and $642.1 million, respectively, of cash that is
excluded from the tables below.
 August 3, 2024
 
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$620,853 $— $620,853 
Corporate obligations (1)— 168,422 168,422 
Bank obligations (1)
— 298,000 298,000 
Short-term investments: (2)
Available-for-sale:
Securities with one year or less to maturity:
Corporate obligations (1)— 139,614 139,614 
Bank obligations (1)— 300,053 300,053 
Other assets:
Forward foreign currency exchange contracts (3)
— 7,514 7,514 
Deferred compensation plan investments97,586 — 97,586 
Total assets measured at fair value$718,439 $913,603 $1,632,042 
Liabilities
Forward foreign currency exchange contracts (3)
$— $5,996 $5,996 
Interest rate derivatives (4)
— 15,905 15,905 
Total liabilities measured at fair value$— $21,901 $21,901 
(1)The amortized cost of the Company's investments classified as available-for-sale as of August 3, 2024 was $914.6 million.
(2)These investments are adjusted to fair value based on quoted market prices or are determined using a yield curve model based on current market rates.
(3)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.
(4)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 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$315,980 $— $315,980 
Other assets:
Forward foreign currency exchange contracts (1)— 1,940 1,940 
Deferred compensation plan investments78,246 — 78,246 
Total assets measured at fair value$394,226 $1,940 $396,166 
Liabilities
Forward foreign currency exchange contracts (1)$— $13,515 $13,515 
Interest rate derivatives (2)— 81,602 81,602 
Total liabilities measured at fair value$— $95,117 $95,117 
(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.
(2)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.
Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis
The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company's commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($547.4 million and $547.2 million as of August 3, 2024 and October 28, 2023, respectively). 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 3, 2024October 28, 2023
Principal Amount OutstandingFair Value Principal Amount Outstanding Fair Value
2024 Notes, due October 2024$500,000 $499,698 $500,000 $499,473 
2025 Notes, due April 2025400,000 394,533 400,000 385,231 
2026 Notes, due December 2026900,000 885,380 900,000 851,023 
2027 Notes, due June 2027440,212 431,739 440,212 408,595 
2028 Notes, due October 2028750,000 680,664 750,000 628,999 
2031 Notes, due October 20311,000,000 856,266 1,000,000 773,404 
2032 Notes, due October 2032300,000 296,644 300,000 269,828 
2034 Notes, due April 2034550,000 570,226 — — 
2036 Notes, due December 2036144,278 135,720 144,278 118,554 
2041 Notes, due October 2041750,000 558,156 750,000 479,078 
2045 Notes, due December 2045332,587 338,550 332,587 292,248 
2051 Notes, due October 20511,000,000 694,750 1,000,000 590,666 
2054 Notes, due April 2054550,000 566,002 — — 
Total senior unsecured notes
$7,617,077 $6,908,328 $6,517,077 $5,297,099