FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Feb. 01, 2026

The fair values of financial instruments that do not approximate the carrying values are presented in the table below. Long-term borrowings exclude finance lease liabilities.


	February 1, 2026				November 2, 2025				January 26, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	42,113	$	42,266	$	44,575	$	44,779	$	41,396	$	41,311
Financing receivables securitized – net		6,479		6,494		6,831		6,855		8,257		8,174
Receivables from unconsolidated affiliates		306		306		392		400
Short-term securitization borrowings		6,283		6,322		6,596		6,631		8,014		8,036
Long-term borrowings due within one year		9,342		9,390		8,888		8,911		9,517		9,468
Long-term borrowings		41,730		41,721		43,471		43,527		43,483		43,172

Fair value measurements above were Level 3 for all receivables and Level 2 for all borrowings.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis, excluding our cash equivalents, which were carried at a cost that approximates fair value and consist of money market funds and time deposits, and excluding our held-to-maturity debt securities, are as follows:


	February 1		November 2		January 26
	2026		2025		2025
Level 1:
Marketable securities
U.S. government debt securities	$	264	$	196	$	301
Total Level 1 marketable securities		264		196		301

Level 2:
Marketable securities
International fixed income fund		7		7
Corporate debt securities		510		510		419
International debt securities		162		174		132
Mortgage-backed securities		228		234		174
Municipal debt securities		110		113		80
U.S. government debt securities		117		117		108
Total Level 2 marketable securities		1,134		1,155		913
Other assets – Derivatives		347		393		216
Accounts payable and accrued expenses – Derivatives		593		389		750

Level 3:
Accounts payable and accrued expenses – Deferred consideration		107		113		138

The mortgage-backed securities are primarily issued by U.S. government sponsored enterprises.

Contractual Maturities of Available-for-Sale Debt Securities

The contractual maturities of available-for-sale debt securities at February 1, 2026, follow:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	62	$	64
Due after one through five years		373		371
Due after five through 10 years		551		542
Due after 10 years		207		186
Mortgage-backed securities		249		228
Debt securities	$	1,442	$	1,391

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.

Fair Value, Nonrecurring Level 3 Measurements from Impairments and Other Adjustments

Fair value, nonrecurring Level 3 measurements from impairments and other adjustments were as follows:


	Fair Value					(Gains) Losses
						Three Months Ended
	February 1	November 2		January 26		February 1	January 26
	2026	2025		2025		2026	2025²
Property and equipment – net¹		$	1
Other intangible assets – net¹			3
Other assets			8
Assets held for sale				$	2,929		$	(32)

¹ Related to assessments of our external overseas battery operations performed in the third quarter of 2025.

² The gain on “Assets held for sale” recorded in the first quarter of 2025 represents a reversal of prior period valuation allowance loss, not in excess of cumulative valuation allowance recorded on “Assets held for sale.”