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DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
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Jul. 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:
|  | Three Months Ended |  | Nine Months Ended |
|  | July 31 |  | July 31 |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Interest rate contracts * |  | $ | 82 |  | $ | (10) |  | $ | 148 |  | $ | 45 |
Borrowings ** |  |  | (80) |  |  | 10 |  |  | (147) |  |  | (44) |
* Includes changes in fair values of interest rate contracts excluding net accrued interest income of $36 million and $42 million during the third quarter of 2016 and 2015, respectively, and $114 million and $131 million during the first nine months of 2016 and 2015, respectively. ** Includes adjustments for fair values of hedged borrowings excluding accrued interest expense of $75 million and $68 million during the third quarter of 2016 and 2015, respectively, and $217 million and $207 million during the first nine months of 2016 and 2015, 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:
|  | July 31 |  | October 31 |  | July 31 |
Other Assets |  | 2016 |  | 2015 |  | 2015 |
Designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 443 |  | $ | 299 |  | $ | 284 |
Cross-currency interest rate contracts |  |  | 12 |  |  | 14 |  |  | 14 |
Total designated |  |  | 455 |  |  | 313 |  |  | 298 |
Not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  | 45 |  |  | 54 |  |  | 57 |
Foreign exchange contracts |  |  | 47 |  |  | 50 |  |  | 57 |
Cross-currency interest rate contracts |  |  | 12 |  |  | 11 |  |  | 13 |
Total not designated |  |  | 104 |  |  | 115 |  |  | 127 |
Total derivatives |  | $ | 559 |  | $ | 428 |  | $ | 425 |
Accounts Payable and Accrued Expenses |  |  |  |  |  |  |  |  |  |
Designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 4 |  | $ | 8 |  | $ | 20 |
Total designated |  |  | 4 |  |  | 8 |  |  | 20 |
Not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  | 43 |  |  | 52 |  |  | 63 |
Foreign exchange contracts |  |  | 48 |  |  | 18 |  |  | 26 |
Total not designated |  |  | 91 |  |  | 70 |  |  | 89 |
Total derivatives |  | $ | 95 |  | $ | 78 |  | $ | 109 |
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 |  | Nine Months Ended |
|  | OCI |  | July 31 |  | July 31 |
|  | Classification |  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest |  | $ | 118 |  | $ | 32 |  | $ | 262 |  | $ | 176 |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recognized in OCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | OCI (pretax) * |  |  | (1) |  |  | (4) |  |  | (4) |  |  | (10) |
Foreign exchange contracts |  | OCI (pretax) * |  |  |  |  |  |  |  |  | 1 |  |  | 2 |
Reclassified from OCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest * |  |  | (1) |  |  | (3) |  |  | (6) |  |  | (9) |
Foreign exchange contracts |  | Other operating * |  |  |  |  |  | 1 |  |  | 1 |  |  | 3 |
Recognized Directly in Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Ineffective Portion) |  |  |  |  | ** |  |  | ** |  |  | ** |  |  | ** |
Not Designated as Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest * |  | $ | (5) |  | $ | (6) |  | $ | (2) |  | $ | (18) |
Foreign exchange contracts |  | Cost of sales |  |  | 18 |  |  | 43 |  |  | (11) |  |  | 69 |
Foreign exchange contracts |  | Other operating * |  |  | 97 |  |  | 81 |  |  | 36 |  |  | 281 |
Total not designated |  |  |  | $ | 110 |  | $ | 118 |  | $ | 23 |  | $ | 332 |
* 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 in millions of dollars follows:
|  | Gross Amounts |  | Netting |  | Collateral |  |  |  |
July 31, 2016 |  | Recognized |  | Arrangements |  | Received |  | Net Amount |
Assets |  | $ | 559 |  | $ | (53) |  | $ | (44) |  | $ | 462 |
Liabilities |  |  | 95 |  |  | (53) |  |  |  |  |  | 42 |
|  | Gross Amounts |  | Netting |  | Collateral |  |  |  |
October 31, 2015 |  | Recognized |  | Arrangements |  | Received |  | Net Amount |
Assets |  | $ | 428 |  | $ | (62) |  |  |  |  | $ | 366 |
Liabilities |  |  | 78 |  |  | (62) |  |  |  |  |  | 16 |
|  | Gross Amounts |  | Netting |  | Collateral |  |  |  |
July 31, 2015 |  | Recognized |  | Arrangements |  | Received |  | Net Amount |
Assets |  | $ | 425 |  | $ | (78) |  | $ | (1) |  | $ | 346 |
Liabilities |  |  | 109 |  |  | (78) |  |  |  |  |  | 31 |

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