| Fair Values of Financial Instruments |
The fair values of financial instruments that do not approximate the carrying values were as follows. Long-term borrowings exclude finance lease liabilities. | | | | | | | | | | | | | | | | | | | | | | April 28, 2024 | | October 29, 2023 | | April 30, 2023 | | | | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value | | Financing receivables – net | | $ | 45,278 | | $ | 44,741 | | $ | 43,673 | | $ | 42,777 | | $ | 38,954 | | $ | 38,337 | | Financing receivables securitized – net | | | 7,262 | | | 7,063 | | | 7,335 | | | 7,056 | | | 5,659 | | | 5,494 | | Short-term securitization borrowings | | | 6,976 | | | 6,935 | | | 6,995 | | | 6,921 | | | 5,379 | | | 5,271 | | Long-term borrowings due within one year | | | 9,560 | | | 9,434 | | | 8,331 | | | 8,156 | | | 7,618 | | | 7,461 | | Long-term borrowings | | | 40,882 | | | 40,059 | | | 38,428 | | | 36,873 | | | 35,571 | | | 34,802 | |
Fair value measurements above were Level 3 for all financing receivables and Level 2 for all borrowings.
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| Assets and Liabilities Measured at Fair Value on a Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits. | | | | | | | | | | | | | April 28 | | October 29 | | April 30 | | | | 2024 | | 2023 | | 2023 | | Level 1 | | | | | | | | | | | Marketable securities: | | | | | | | | | | | International equity securities | | $ | 3 | | $ | 3 | | $ | 2 | | International mutual funds securities | | | | | | 101 | | | 11 | | U.S. equity fund | | | 101 | | | 86 | | | 92 | | U.S. fixed income fund | | | 24 | | | 32 | | | 97 | | U.S. government debt securities | | | 263 | | | 78 | | | 64 | | Total Level 1 marketable securities | | | 391 | | | 300 | | | 266 | | | | | | | | | | | | | Level 2 | | | | | | | | | | | Marketable securities: | | | | | | | | | | | Corporate debt securities | | | 213 | | | 244 | | | 213 | | International debt securities | | | 148 | | | 1 | | | 1 | | Mortgage-backed securities | | | 152 | | | 185 | | | 168 | | Municipal debt securities | | | 67 | | | 75 | | | 70 | | U.S. government debt securities | | | 123 | | | 141 | | | 138 | | Total Level 2 marketable securities | | | 703 | | | 646 | | | 590 | | Other assets - Derivatives | | | 191 | | | 292 | | | 367 | | Accounts payable and accrued expenses - Derivatives | | | 1,005 | | | 1,130 | | | 758 | | | | | | | | | | | | | Level 3 | | | | | | | | | | | Accounts payable and accrued expenses - Deferred consideration | | | 164 | | | 186 | | | 214 | |
The mortgage-backed securities are primarily issued by U.S. government-sponsored enterprises.
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| Contractual Maturities of Debt Securities |
The contractual maturities of debt securities at April 28, 2024 follow: | | | | | | | | | | Amortized | | Fair | | | | Cost | | Value | | Due in one year or less | | $ | 17 | | $ | 17 | | Due after one through five years | | | 293 | | | 254 | | Due after five through 10 years | | | 421 | | | 386 | | Due after 10 years | | | 192 | | | 157 | | Mortgage-backed securities | | | 186 | | | 152 | | Debt securities | | $ | 1,109 | | $ | 966 | |
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