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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Oct. 31, 2014
DERIVATIVE INSTRUMENTS |
Fair Value Hedge Interest Rate Contracts and Underlying Borrowings | The gains (losses) on these contracts and the underlying borrowings recorded in interest expense follow in millions of dollars:
|  | 2014 |  | 2013 |
Interest rate contracts* |  | $ | (13 | ) | $ | (244 | )
Borrowings** |  | 11 |  | 244 |
* | Includes changes in fair values of interest rate contracts excluding net accrued interest income of $168 million and $155 million during 2014 and 2013, respectively.
** | Includes adjustments for fair values of hedged borrowings excluding accrued interest expense of $267 million and $261 million during 2014 and 2013, respectively.
Fair Value of Derivative Instruments in Consolidated Balance Sheet | Fair values of derivative instruments in the consolidated balance sheet at October 31 in millions of dollars follow:
|  | 2014 |  | 2013
Other Assets |  |  |  |
Designated as hedging instruments: |  |  |  |
Interest rate contracts |  | $ | 266 |  | $ | 295
Cross-currency interest rate contracts |  | 13 |  | 14
Total designated |  | 279 |  | 309
Not designated as hedging instruments: |  |  |  |
Interest rate contracts |  | 53 |  | 52
Foreign exchange contracts |  | 18 |  | 32
Cross-currency interest rate contracts |  | 3 |  | 1
Total not designated |  | 74 |  | 85
Total derivatives |  | $ | 353 |  | $ | 394
Accounts Payable and Accrued Expenses |  |  |  |
Designated as hedging instruments: |  |  |  |
Interest rate contracts |  | $ | 35 |  | $ | 71
Cross-currency interest rate contracts |  |  |  | 16
Total designated |  | 35 |  | 87
Not designated as hedging instruments: |  |  |  |
Interest rate contracts |  | 46 |  | 49
Foreign exchange contracts |  | 29 |  | 42
Cross-currency interest rate contracts |  |  |  | 1
Total not designated |  | 75 |  | 92
Total derivatives |  | $ | 110 |  | $ | 179
Gains (Losses) Related to Derivative Instruments on Statement of Consolidated Income | The classification and gains (losses) including accrued interest expense related to derivative instruments on the statement of consolidated income consisted of the following in millions of dollars:
|  | 2014 |  | 2013 |  | 2012
Fair Value Hedges |  |  |  |  |  |
Interest rate contracts – Interest expense |  | $ | 155 |  | $ | (89) |  | $ | 335
Cash Flow Hedges |  |  |  |  |  |
Recognized in OCI |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |
Interest rate contracts – OCI (pretax)* |  | (10) |  | (15) |  | (28)
Foreign exchange contracts – OCI (pretax)* |  | (4) |  | 58 |  | (33)
Reclassified from OCI |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |
Interest rate contracts – Interest expense* |  | (13) |  | (22) |  | (16)
Foreign exchange contracts – Other expense* |  | (6) |  | 49 |  | (38)
Recognized Directly in Income |  |  |  |  |  |
(Ineffective Portion) |  | ** |  | ** |  | **
Not Designated as Hedges |  |  |  |  |  |
Interest rate contracts – Interest expense* |  | $ | 3 |  | $ | (6) |  | $ | (13)
Foreign exchange contracts – Cost of sales |  | 25 |  | 35 |  | (12)
Foreign exchange contracts – Other expense* |  | 79 |  | 20 |  | 7
Total not designated |  | $ | 107 |  | $ | 49 |  | $ | (18)
* | Includes interest and foreign exchange gains (losses) from cross-currency interest rate contracts.
** | The amounts are not significant.
Impact on Derivative Assets and Liabilities Related to Netting Arrangements and Collateral | The impact on the derivative assets and liabilities related to netting arrangements and any collateral received or paid follows:
|  | Gross Amounts Recognized |  | Netting Arrangements |  | Collateral Received |  | Net Amount
2014 |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Assets |  | $ | 353 |  | $ | (76 | ) | $ | (5 | ) | $ | 272
Liabilities |  | 110 |  | (76 | ) |  |  | 34
2013 |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Assets |  | $ | 394 |  | $ | (120 | ) | $ | (8 | ) | $ | 266
Liabilities |  | 179 |  | (120 | ) |  |  | 59

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