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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Apr. 30, 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:
|  | Three Months Ended April 30 |  | Six Months Ended April 30 |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Interest rate contracts * |  | $ (12) |  | $ 70 |  | $ (81) |  | $ (3) |
Borrowings ** |  | 13 |  | (70) |  | 80 |  | 5 |
* Includes changes in fair values of interest rate contracts excluding net accrued interest income of $41 million and $41 million during the second quarter of 2014 and 2013 and $77 million and $79 million during the first six months of 2014 and 2013, respectively. ** Includes adjustments for fair values of hedged borrowings excluding accrued interest expense of $66 million and $68 million during the second quarter of 2014 and 2013 and $125 million and $135 million during the first six months of 2014 and 2013, respectively.
Fair Value of Derivative Instruments in Consolidated Balance Sheet | Fair values of derivative instruments in the condensed consolidated balance sheet in millions of dollars follow:
Other Assets |  | April 30 2014 |  | October 31 2013 |  | April 30 2013 |
Designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $ | 247 |  | $ | 295 |  | $ | 525 |
Cross-currency interest rate contracts |  | 14 |  | 14 |  | 5 |
Total designated |  | 261 |  | 309 |  | 530 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | 49 |  | 52 |  | 64 |
Foreign exchange contracts |  | 20 |  | 32 |  | 25 |
Cross-currency interest rate contracts |  | 2 |  | 1 |  |  |
Total not designated |  | 71 |  | 85 |  | 89 |
Total derivatives |  | $ | 332 |  | $ | 394 |  | $ | 619 |
Accounts Payable and Accrued Expenses |  |  |  |  |  |  |
Designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $ | 92 |  | $ | 71 |  | $ | 8 |
Cross-currency interest rate contracts |  |  |  | 16 |  | 49 |
Total designated |  | 92 |  | 87 |  | 57 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | 44 |  | 49 |  | 58 |
Foreign exchange contracts |  | 33 |  | 42 |  | 36 |
Cross-currency interest rate contracts |  |  |  | 1 |  | 5 |
Total not designated |  | 77 |  | 92 |  | 99 |
Total derivatives |  | $ | 169 |  | $ | 179 |  | $ | 156 |
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:
|  | Expense or |  | Three Months Ended |  | Six Months Ended |
|  | OCI |  | April 30 |  | April 30 |
|  | Classification |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest |  | $ | 29 |  | $ | 111 |  | $ | (4) |  | $ | 76 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |
Recognized in OCI |  |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | OCI (pretax) * |  | (2) |  | (6) |  | (5) |  | (8) |
Foreign exchange contracts |  | OCI (pretax) * |  | (3) |  | (10) |  | (5) |  | 12 |
Reclassified from OCI |  |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest * |  | (3) |  | (6) |  | (8) |  | (11) |
Foreign exchange contracts |  | Other * |  | (1) |  | (13) |  | (6) |  | 6 |
Recognized Directly in Income |  |  |  |  |  |  |  |  |  |  |
(Ineffective Portion) |  |  |  | ** |  | ** |  | ** |  | ** |
Not Designated as Hedges: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest * |  | $ | 2 |  | $ | (5) |  | $ | 4 |  | $ | (4) |
Foreign exchange contracts |  | Cost of sales |  | (26) |  | (7) |  | 30 |  | (7) |
Foreign exchange contracts |  | Other * |  | (76) |  | 52 |  | 11 |  | 1 |
Total not designated |  |  |  | $ | (100) |  | $ | 40 |  | $ | 45 |  | $ | (10) |
* Includes interest and foreign exchange gains (losses) from cross-currency interest rate contracts. ** The amount is not significant.
Impact on Derivative Assets and Liabilities Related to Netting Arrangements and Collateral | Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and any collateral received or paid follows:
April 30, 2014 |  | Gross Amounts Recognized |  | Netting Arrangements |  | Collateral Received |  | Net Amount |
Derivatives: |  |  |  |  |  |  |  |  |
Assets |  | $ | 332 |  | $ | (95) |  | $ | (5) |  | $ | 232 |
Liabilities |  | 169 |  | (95) |  |  |  | 74 |
October 31, 2013 |  | Gross Amounts Recognized |  | Netting Arrangements |  | Collateral Received |  | Net Amount |
Derivatives: |  |  |  |  |  |  |  |  |
Assets |  | $ | 394 |  | $ | (120) |  | $ | (8) |  | $ | 266 |
Liabilities |  | 179 |  | (120) |  |  |  | 59 |
April 30, 2013 |  | Gross Amounts Recognized |  | Netting Arrangements |  | Collateral Received |  | Net Amount |
Derivatives: |  |  |  |  |  |  |  |  |
Assets |  | $ | 619 |  | $ | (89) |  | $ | (78) |  | $ | 452 |
Liabilities |  | 156 |  | (89) |  |  |  | 67 |

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