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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Apr. 30, 2015
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 |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Interest rate contracts * |  | $ | (121) |  | $ | (12) |  | $ | 55 |  | $ | (81) |
Borrowings ** |  | 119 |  | 13 |  | (54) |  | 80 |
* Includes changes in fair values of interest rate contracts excluding net accrued interest income of $44 million and $41 million during the second quarter of 2015 and 2014, respectively, and $89 million and $77 million during the first six months of 2015 and 2014, respectively. ** Includes adjustments for fair values of hedged borrowings excluding accrued interest expense of $69 million and $66 million during the second quarter of 2015 and 2014, respectively, and $139 million and $125 million during the first six months of 2015 and 2014, 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 2015 |  | October 31 2014 |  | April 30 2014 |
Designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $ | 282 |  | $ | 266 |  | $ | 247 |
Cross-currency interest rate contracts |  | 14 |  | 13 |  | 14 |
Total designated |  | 296 |  | 279 |  | 261 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | 58 |  | 53 |  | 49 |
Foreign exchange contracts |  | 38 |  | 18 |  | 20 |
Cross-currency interest rate contracts |  | 12 |  | 3 |  | 2 |
Total not designated |  | 108 |  | 74 |  | 71 |
Total derivatives |  | $ | 404 |  | $ | 353 |  | $ | 332 |
Accounts Payable and Accrued Expenses |  |  |  |  |  |  |
Designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $ | 14 |  | $ | 35 |  | $ | 92 |
Total designated |  | 14 |  | 35 |  | 92 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | 58 |  | 46 |  | 44 |
Foreign exchange contracts |  | 81 |  | 29 |  | 33 |
Total not designated |  | 139 |  | 75 |  | 77 |
Total derivatives |  | $ | 153 |  | $ | 110 |  | $ | 169 |
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 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest |  | $ | (77) |  | $ | 29 |  | $ | 144 |  | $ | (4) |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |
Recognized in OCI (Effective Portion): |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | OCI (pretax) * |  | (1) |  | (2) |  | (6) |  | (5) |
Foreign exchange contracts |  | OCI (pretax) * |  | 1 |  | (3) |  | 2 |  | (5) |
Reclassified from OCI (Effective Portion): |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest * |  | (3) |  | (3) |  | (6) |  | (8) |
Foreign exchange contracts |  | Other operating * |  | 1 |  | (1) |  | 2 |  | (6) |
Recognized Directly in Income (Ineffective Portion) |  |  |  | ** |  | ** |  | ** |  | ** |
Not Designated as Hedges: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest * |  | $ | 1 |  | $ | 2 |  | $ | (12) |  | $ | 4 |
Foreign exchange contracts |  | Cost of sales |  | (19) |  | (26) |  | 26 |  | 30 |
Foreign exchange contracts |  | Other operating * |  | (34) |  | (76) |  | 200 |  | 11 |
Total not designated |  |  |  | $ | (52) |  | $ | (100) |  | $ | 214 |  | $ | 45 |
* 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, 2015 |  | Gross Amounts Recognized |  | Netting Arrangements |  | Collateral Received |  | Net Amount |
Derivatives: |  |  |  |  |  |  |  |  |
Assets |  | $ | 404 |  | $ | (76) |  | $ | (1) |  | $ | 327 |
Liabilities |  | 153 |  | (76) |  |  |  | 77 |
October 31, 2014 |  | Gross Amounts Recognized |  | Netting Arrangements |  | Collateral Received |  | Net Amount |
Derivatives: |  |  |  |  |  |  |  |  |
Assets |  | $ | 353 |  | $ | (76) |  | $ | (5) |  | $ | 272 |
Liabilities |  | 110 |  | (76) |  |  |  | 34 |
April 30, 2014 |  | Gross Amounts Recognized |  | Netting Arrangements |  | Collateral Received |  | Net Amount |
Derivatives: |  |  |  |  |  |  |  |  |
Assets |  | $ | 332 |  | $ | (95) |  | $ | (5) |  | $ | 232 |
Liabilities |  | 169 |  | (95) |  |  |  | 74 |

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