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DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

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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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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