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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Oct. 31, 2016
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:
|  | 2016 |  | 2015 |
Interest rate contracts* |  | $ | 7 |  | $ | 104 |
Borrowings** |  |  | (9) |  |  | (102) |
* Includes changes in fair values of interest rate contracts excluding net accrued interest income of $146 million and $173 million during 2016 and 2015, respectively. ** Includes adjustments for fair values of hedged borrowings excluding accrued interest expense of $290 million and $274 million during 2016 and 2015, 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:
|  | 2016 |  | 2015 |
Other Assets |  |  |  |  |  |  |
Designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $ | 268 |  | $ | 299 |
Cross-currency interest rate contracts |  |  | 11 |  |  | 14 |
Total designated |  |  | 279 |  |  | 313 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  |  | 26 |  |  | 54 |
Foreign exchange contracts |  |  | 60 |  |  | 50 |
Cross-currency interest rate contracts |  |  | 10 |  |  | 11 |
Total not designated |  |  | 96 |  |  | 115 |
Total derivative assets |  | $ | 375 |  | $ | 428 |
Accounts Payable and Accrued Expenses |  |  |  |  |  |  |
Designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $ | 10 |  | $ | 8 |
Total designated |  |  | 10 |  |  | 8 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  |  | 19 |  |  | 52 |
Foreign exchange contracts |  |  | 43 |  |  | 18 |
Total not designated |  |  | 62 |  |  | 70 |
Total derivative liabilities |  | $ | 72 |  | $ | 78 |
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:
|  | 2016 |  | 2015 |  | 2014 |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Interest rate contracts – Interest expense |  | $ | 153 |  | $ | 277 |  | $ | 155 |
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
Recognized in OCI |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |
Interest rate contracts – OCI (pretax)* |  |  | (3) |  |  | (16) |  |  | (10) |
Foreign exchange contracts – OCI (pretax)* |  |  | 1 |  |  | 4 |  |  | (4) |
Reclassified from OCI |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |
Interest rate contracts – Interest expense* |  |  | (7) |  |  | (12) |  |  | (13) |
Foreign exchange contracts – Other expense* |  |  | 1 |  |  | 4 |  |  | (6) |
Recognized Directly in Income |  |  |  |  |  |  |  |  |  |
(Ineffective Portion) |  |  | ** |  |  | ** |  |  | ** |
Not Designated as Hedges |  |  |  |  |  |  |  |  |  |
Interest rate contracts – Interest expense* |  | $ | (1) |  | $ | (17) |  | $ | 3 |
Foreign exchange contracts – Cost of sales |  |  | (15) |  |  | 97 |  |  | 25 |
Foreign exchange contracts – Other expense* |  |  | 74 |  |  | 304 |  |  | 79 |
Total not designated |  | $ | 58 |  | $ | 384 |  | $ | 107 |
* 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 at October 31 in millions of dollars follows:
|  | Gross Amounts |  | Netting |  | Collateral |  | Net |
|  | Recognized |  | Arrangements |  | Received |  | Amount |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 375 |  | $ | (32) |  | $ | (6) |  | $ | 337 |
Liabilities |  |  | 72 |  |  | (32) |  |  |  |  |  | 40 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 428 |  | $ | (62) |  |  |  |  | $ | 366 |
Liabilities |  |  | 78 |  |  | (62) |  |  |  |  |  | 16 |

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