FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

May 03, 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.


	May 3, 2026				November 2, 2025				April 27, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	42,916	$	42,969	$	44,575	$	44,779	$	43,029	$	43,119
Financing receivables securitized – net		6,100		6,113		6,831		6,855		7,765		7,710
Receivables from unconsolidated affiliates		279		282		392		400		557		557
Short-term securitization borrowings		5,929		5,948		6,596		6,631		7,562		7,588
Long-term borrowings due within one year		8,880		8,921		8,888		8,911		8,928		8,869
Long-term borrowings		42,183		41,842		43,471		43,527		42,742		42,423

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 marketable securities, are as follows:


	May 3		November 2		April 27
	2026		2025		2025
Level 1:
Marketable securities
U.S. government debt securities	$	295	$	196	$	259
Total Level 1 marketable securities		295		196		259

Level 2:
Marketable securities
International fixed income fund		7		7		6
Corporate debt securities		501		510		452
International debt securities		145		174		154
Mortgage-backed securities		219		234		201
Municipal debt securities		108		113		87
U.S. government debt securities		113		117		113
Total Level 2 marketable securities		1,093		1,155		1,013
Other assets – Derivatives		270		393		434
Accounts payable and accrued expenses – Derivatives		538		389		614

Level 3:
Accounts payable and accrued expenses – Deferred consideration		100		113		128

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 May 3, 2026, follow:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	44	$	44
Due after one through five years		388		385
Due after five through 10 years		576		561
Due after 10 years		194		172
Mortgage-backed securities		242		219
Debt securities	$	1,444	$	1,381

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				Losses (Gains)
					Three Months Ended		Six Months Ended
	May 3	November 2		April 27	May 3	April 27	May 3	April 27
	2026	2025		2025	2026	2025	2026	2025²
Property and equipment – net¹		$	1
Other intangible assets – net¹			3
Other assets			8
Assets held for sale								$	(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 the cumulative valuation allowance recorded on “Assets held for sale.”