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DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Apr. 29, 2018

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						Six Months Ended
		April 29			April 30			April 29			April 30
		2018			2017			2018			2017
Interest rate contracts *		$	(123)		$	32		$	(271)		$	(202)
Borrowings **			121			(32)			268			204

* Includes changes in fair values of interest rate contracts excluding net accrued interest income of $5 million and $22 million during the second quarter of 2018 and 2017, respectively, and $17 million and $48 million during the first six months of 2018 and 2017, respectively.

** Includes adjustments for fair values of hedged borrowings excluding accrued interest expense of $64 million and $61 million during the second quarter of 2018 and 2017, respectively, and $127 million and $126 million during the first six months of 2018 and 2017, 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:

		April 29			October 29			April 30
Other Assets		2018			2017			2017
Designated as hedging instruments:
Interest rate contracts		$	34		$	74		$	116
Cross-currency interest rate contracts			3			5			7
Total designated			37			79			123
Not designated as hedging instruments:
Interest rate contracts			53			42			26
Foreign exchange contracts			101			108			60
Cross-currency interest rate contracts			3			6			7
Total not designated			157			156			93
Total derivative assets		$	194		$	235		$	216
Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts		$	316		$	112		$	64
Total designated			316			112			64
Not designated as hedging instruments:
Interest rate contracts			25			19			15
Foreign exchange contracts			28			26			50
Cross-currency interest rate contracts			2			1			2
Total not designated			55			46			67
Total derivative liabilities		$	371		$	158		$	131

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 29			April 30			April 29			April 30
		Classification		2018			2017			2018			2017
Fair Value Hedges:
Interest rate contracts		Interest		$	(118)		$	54		$	(254)		$	(154)
Cash Flow Hedges:
Recognized in OCI
(Effective Portion):
Interest rate contracts		OCI (pretax) *			6			(1)			14			2
Foreign exchange contracts		OCI (pretax) *			1			(3)			1			(2)
Reclassified from OCI
(Effective Portion):
Interest rate contracts		Interest *			1			(1)			1			(1)
Foreign exchange contracts		Other operating *						(3)						(2)
Recognized Directly in Income
(Ineffective Portion)					**			**			**			**
Not Designated as Hedges:
Interest rate contracts		Interest *		$	(5)		$	(4)
Foreign exchange contracts		Cost of sales			36			28		$	(12)		$	(12)
Foreign exchange contracts		Other operating *			164			15			(52)			(13)
Total not designated				$	195		$	39		$	(64)		$	(25)

* 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

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			Cash Collateral
April 29, 2018		Recognized			Arrangements			Received/Paid			Net Amount
Assets		$	194		$	(74)					$	120
Liabilities			371			(74)		$	(32)			265

		Gross Amounts			Netting			Cash Collateral
October 29, 2017		Recognized			Arrangements			Received/Paid			Net Amount
Assets		$	235		$	(65)					$	170
Liabilities			158			(65)						93

		Gross Amounts			Netting			Cash Collateral
April 30, 2017		Recognized			Arrangements			Received/Paid			Net Amount
Assets		$	216		$	(54)					$	162
Liabilities			131			(54)						77

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5618551-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

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