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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Oct. 29, 2017
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:
|  | 2017 |  | 2016 |
Interest rate contracts* |  | $ | (284) |  | $ | 7 |
Borrowings** |  |  | 287 |  |  | (9) |
* Includes changes in fair values of interest rate contracts excluding net accrued interest income of $79 million and $146 million during 2017 and 2016, respectively. ** Includes adjustments for fair values of hedged borrowings excluding accrued interest expense of $243 million and $290 million during 2017 and 2016, respectively.
Fair Value of Derivative Instruments in Consolidated Balance Sheet | Fair values of derivative instruments in the consolidated balance sheet at October 29, 2017 and October 30, 2016 in millions of dollars follow:
|  | 2017 |  | 2016 |
Other Assets |  |  |  |  |  |  |
Designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $ | 74 |  | $ | 268 |
Cross-currency interest rate contracts |  |  | 5 |  |  | 11 |
Total designated |  |  | 79 |  |  | 279 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  |  | 42 |  |  | 26 |
Foreign exchange contracts |  |  | 108 |  |  | 60 |
Cross-currency interest rate contracts |  |  | 6 |  |  | 10 |
Total not designated |  |  | 156 |  |  | 96 |
Total derivative assets |  | $ | 235 |  | $ | 375 |
Accounts Payable and Accrued Expenses |  |  |  |  |  |  |
Designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $ | 112 |  | $ | 10 |
Total designated |  |  | 112 |  |  | 10 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  |  | 19 |  |  | 19 |
Foreign exchange contracts |  |  | 26 |  |  | 43 |
Cross-currency interest rate contracts |  |  | 1 |  |  |  |
Total not designated |  |  | 46 |  |  | 62 |
Total derivative liabilities |  | $ | 158 |  | $ | 72 |
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:
|  | 2017 |  | 2016 |  | 2015 |
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Interest rate contracts – Interest expense |  | $ | (205) |  | $ | 153 |  | $ | 277 |
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
Recognized in OCI |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |
Interest rate contracts – OCI (pretax)* |  |  | 4 |  |  | (3) |  |  | (16) |
Foreign exchange contracts – OCI (pretax)* |  |  | (1) |  |  | 1 |  |  | 4 |
Reclassified from OCI |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |
Interest rate contracts – Interest expense* |  |  | (2) |  |  | (7) |  |  | (12) |
Foreign exchange contracts – Other expense* |  |  | (1) |  |  | 1 |  |  | 4 |
Recognized Directly in Income |  |  |  |  |  |  |  |  |  |
(Ineffective Portion) |  |  | ** |  |  | ** |  |  | ** |
Not Designated as Hedges |  |  |  |  |  |  |  |  |  |
Interest rate contracts – Interest expense* |  | $ | 11 |  | $ | (1) |  | $ | (17) |
Foreign exchange contracts – Cost of sales |  |  | (12) |  |  | (15) |  |  | 97 |
Foreign exchange contracts – Other expense* |  |  | (106) |  |  | 74 |  |  | 304 |
Total not designated |  | $ | (107) |  | $ | 58 |  | $ | 384 |
* 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 29, 2017 and October 30, 2016 in millions of dollars follows:
|  | Gross Amounts |  | Netting |  | Collateral |  | Net |
|  | Recognized |  | Arrangements |  | Received |  | Amount |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 235 |  | $ | (65) |  |  |  |  | $ | 170 |
Liabilities |  |  | 158 |  |  | (65) |  |  |  |  |  | 93 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 375 |  | $ | (32) |  | $ | (6) |  | $ | 337 |
Liabilities |  |  | 72 |  |  | (32) |  |  |  |  |  | 40 |

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