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DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
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Jul. 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 |  | Nine Months Ended |
|  | July 29 |  | July 30 |  | July 29 |  | July 30 |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Interest rate contracts * |  | $ | (8) |  | $ | 5 |  | $ | (279) |  | $ | (197) |
Borrowings ** |  |  | 7 |  |  | (4) |  |  | 275 |  |  | 200 |
* Includes changes in fair values of interest rate contracts excluding net accrued interest expense of $2 million and net accrued interest income of $16 million during the third quarter of 2018 and 2017, respectively, and net accrued interest income of $15 million and $64 million during the first nine months of 2018 and 2017, respectively. ** Includes adjustments for fair values of hedged borrowings excluding accrued interest expense of $60 million and $56 million during the third quarter of 2018 and 2017, respectively, and $187 million and $182 million during the first nine 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:
|  | July 29 |  | October 29 |  | July 30 |
Other Assets |  | 2018 |  | 2017 |  | 2017 |
Designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 24 |  | $ | 74 |  | $ | 104 |
Cross-currency interest rate contracts |  |  | 3 |  |  | 5 |  |  | 6 |
Total designated |  |  | 27 |  |  | 79 |  |  | 110 |
Not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  | 44 |  |  | 42 |  |  | 38 |
Foreign exchange contracts |  |  | 50 |  |  | 108 |  |  | 32 |
Cross-currency interest rate contracts |  |  | 3 |  |  | 6 |  |  | 4 |
Total not designated |  |  | 97 |  |  | 156 |  |  | 74 |
Total derivative assets |  | $ | 124 |  | $ | 235 |  | $ | 184 |
Accounts Payable and Accrued Expenses |  |  |  |  |  |  |  |  |  |
Designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 305 |  | $ | 112 |  | $ | 63 |
Total designated |  |  | 305 |  |  | 112 |  |  | 63 |
Not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  | 25 |  |  | 19 |  |  | 18 |
Foreign exchange contracts |  |  | 52 |  |  | 26 |  |  | 95 |
Cross-currency interest rate contracts |  |  | 2 |  |  | 1 |  |  | 4 |
Total not designated |  |  | 79 |  |  | 46 |  |  | 117 |
Total derivative liabilities |  | $ | 384 |  | $ | 158 |  | $ | 180 |
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 29 |  | July 30 |  | July 29 |  | July 30 |
|  | Classification |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest |  | $ | (10) |  | $ | 21 |  | $ | (264) |  | $ | (133) |
Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recognized in OCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | OCI (pretax) * |  |  | 1 |  |  | (2) |  |  | 15 |  |  |  |
Foreign exchange contracts |  | OCI (pretax) * |  |  |  |  |  |  |  |  | 1 |  |  | (2) |
Reclassified from OCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Effective Portion): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest * |  |  | 2 |  |  | (1) |  |  | 3 |  |  | (2) |
Foreign exchange contracts |  | Other operating * |  |  |  |  |  |  |  |  |  |  |  | (2) |
Recognized Directly in Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Ineffective Portion) |  |  |  |  | ** |  |  | ** |  |  | ** |  |  | ** |
Not Designated as Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | Interest * |  | $ | (3) |  | $ | 11 |  | $ | (3) |  | $ | 11 |
Foreign exchange contracts |  | Cost of sales |  |  | (10) |  |  | (29) |  |  | (22) |  |  | (41) |
Foreign exchange contracts |  | Other operating * |  |  | 144 |  |  | (192) |  |  | 92 |  |  | (205) |
Total not designated |  |  |  | $ | 131 |  | $ | (210) |  | $ | 67 |  | $ | (235) |
* 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 |  |  |  |
July 29, 2018 |  | Recognized |  | Arrangements |  | Received/Paid |  | Net Amount |
Assets |  | $ | 124 |  | $ | (67) |  |  |  |  | $ | 57 |
Liabilities |  |  | 384 |  |  | (67) |  | $ | (34) |  |  | 283 |
|  | 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 |  |  |  |
July 30, 2017 |  | Recognized |  | Arrangements |  | Received/Paid |  | Net Amount |
Assets |  | $ | 184 |  | $ | (56) |  |  |  |  | $ | 128 |
Liabilities |  |  | 180 |  |  | (56) |  |  |  |  |  | 124 |

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