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DERIVATIVES
 3 Months Ended
Jan. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES
8.    DERIVATIVES
We are exposed to foreign currency exchange rate fluctuations and interest rate changes in the normal course of our business. As part of our risk management strategy, we use derivative instruments, primarily forward contracts, to hedge economic and/or accounting exposures resulting from changes in foreign currency exchange rates.
Cash Flow Hedges
We enter into foreign exchange contracts to hedge our forecasted operational cash flow exposures resulting from changes in foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities based on a rolling period of up to twelve months. These derivative instruments are designated and qualify as cash flow hedges under the criteria prescribed in the authoritative guidance.
In 2020, we entered into forward starting interest rate swaps arrangement with an aggregate notional amount of $600 million associated with future interest payments on anticipated debt issuances through fiscal year 2024. We designated these derivative instruments as a cash flow hedge. In February 2023, we terminated the interest rate swap arrangement resulting in a deferred gain of $107 million in accumulated other comprehensive income (loss) to be amortized to interest expense over the term of the anticipated debt. The termination of the arrangement had no impact on the accompanying condensed consolidated financial statements.
Non-designated Hedges
Additionally, we enter into foreign exchange contracts to hedge monetary assets and liabilities that are denominated in currencies other than the functional currency of our subsidiaries. These foreign exchange contracts are carried at fair value and do not qualify for hedge accounting treatment and are not designated as hedging instruments.
The number of open foreign exchange forward contracts designated as "cash flow hedges" and "not designated as hedging instruments" was 210 and 69, respectively, as of January 31, 2023. The aggregated notional amounts by currency and designation as of January 31, 2023 were as follows:
 Derivatives in Cash Flow
Hedging Relationships		Derivatives Not Designated as Hedging Instruments
 Forward
Contracts		Forward
Contracts
CurrencyBuy/(Sell)Buy/(Sell)
 (in millions)
Euro$5 $10 
British Pound18 (39)
Singapore Dollar35 37 
Malaysian Ringgit119 17 
Japanese Yen(162)(72)
Other currencies(19)(41)
Total$(4)$(88)
Derivative instruments are subject to master netting arrangements and are disclosed gross in the condensed consolidated balance sheet. The gross fair values and balance sheet presentation of derivative instruments held as of January 31, 2023 and October 31, 2022 were as follows:
Fair Values of Derivative Instruments
Assets DerivativesLiabilities Derivatives
Fair Value Fair Value
Balance Sheet LocationJanuary 31, 2023October 31, 2022Balance Sheet LocationJanuary 31, 2023October 31, 2022
(in millions)
Derivatives designated as hedging instruments:     
Cash flow hedges
Foreign exchange contracts     
Other current assets$12 $18 Other accrued liabilities$8 $10 
Interest rate swap contracts:
Other assets109 133 
Derivatives not designated as hedging instruments:     
Foreign exchange contracts     
Other current assets3 3 Other accrued liabilities4 2 
Total derivatives$124 $154  $12 $12 
The effect of derivative instruments for foreign exchange contracts designated as hedging instruments and for those not designated as hedging instruments in our condensed consolidated statement of operations was as follows:
Three Months Ended
January 31,
20232022
 (in millions)
Derivatives designated as hedging instruments:
Cash Flow Hedges
Interest rate swap contracts:
Gain (loss) recognized in accumulated other comprehensive income (loss)$(24)$8 
Foreign exchange contracts:
Gain (loss) recognized in accumulated other comprehensive income (loss)$(3)$(3)
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings:
Cost of products$4 $1 
Selling, general and administrative$(2)$(1)
Gain (loss) excluded from effectiveness testing recognized in earnings based on amortization approach:
Cost of products$1 $— 
Derivatives not designated as hedging instruments:
Gain (loss) recognized in:
Other income (expense), net$(4)$3 
The estimated amount at January 31, 2023 expected to be reclassified from accumulated other comprehensive income (loss) to earnings within the next twelve months is a gain of $2 million.