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DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
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Jul. 28, 2019
DERIVATIVE INSTRUMENTS |
Amounts Recorded in the Balance Sheet Related to Borrowings Designated in Fair Value Hedging Relationships | The amounts recorded in the consolidated balance sheet related to borrowings designated in fair value hedging relationships in millions of dollars follow:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Cumulative Increase (Decrease) of Fair |
​ | ​ | ​ | ​ | ​ | Value Hedging Adjustments Included in | ​
​ | ​ | ​ | ​ | ​ | the Carrying Amount | ​
​ | ​ | Carrying | ​ | Active | ​ | ​ | ​ | ​ |
​ | ​ | Amount of | ​ | Hedging | ​ | Discontinued | ​ | ​ | ​ | ​
July 28, 2019 | ​ | Hedged Item | ​ | Relationships | ​ | Relationships | ​ | Total |
Long-term borrowings due within one year* |  | $ | 187 |  | $ | 1 |  | $ | (5) |  | $ | (4) | ​
Long-term borrowings | ​ | ​ | 9,154 | ​ |  | 184 | ​ | ​ | (50) | ​ |  | 134 | ​
* Presented in short-term borrowings
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 28 |  | October 28 |  | July 29 |
Other Assets | ​ | 2019 | ​ | 2018 | ​ | 2018 |
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 232 | ​ | $ | 29 | ​ | $ | 24 | ​
Cross-currency interest rate contracts | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 3 | ​
Total designated | ​ | ​ | 232 | ​ |  | 29 | ​ |  | 27 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 33 | ​ |  | 51 | ​ |  | 44 | ​
Foreign exchange contracts | ​ | ​ | 53 | ​ |  | 83 | ​ |  | 50 | ​
Cross-currency interest rate contracts | ​ | ​ | 2 | ​ |  | 5 | ​ |  | 3 | ​
Total not designated | ​ | ​ | 88 | ​ |  | 139 | ​ |  | 97 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total derivative assets |  | $ | 320 | ​ | $ | 168 | ​ | $ | 124 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts Payable and Accrued Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 55 | ​ | $ | 321 | ​ | $ | 305 | ​
Total designated | ​ | ​ | 55 | ​ | ​ | 321 | ​ | ​ | 305 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 44 | ​ | ​ | 29 | ​ | ​ | 25 | ​
Foreign exchange contracts | ​ | ​ | 45 | ​ |  | 49 | ​ |  | 52 | ​
Cross-currency interest rate contracts | ​ | ​ | 2 | ​ |  | ​ | ​ |  | 2 | ​
Total not designated | ​ | ​ | 91 | ​ |  | 78 | ​ |  | 79 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total derivative liabilities |  | $ | 146 | ​ | $ | 399 | ​ | $ | 384 | ​
​
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended |
​ | ​ | July 28 | ​ | July 29 | ​ | July 28 | ​ | July 29 |
​ | ​ | 2019 | ​ | 2018 | ​ | 2019 | ​ | 2018 |
Fair Value Hedges: |  |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ |
Interest rate contracts - Interest expense |  | $ | 193 | ​ | $ | (10) |  | $ | 468 | ​ | $ | (264) | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flow Hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - OCI (pretax) * | ​ | ​ | (27) | ​ |  | 1 | ​ | ​ | (42) | ​ |  | 15 | ​
Foreign exchange contracts - OCI (pretax) * | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 1 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassified from OCI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - Interest expense * | ​ | ​ | 1 | ​ |  | 2 | ​ | ​ | 6 | ​ |  | 3 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not Designated as Hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - Net sales | ​ | $ | (6) | ​ | ​ | ​ | ​ | $ | (23) | ​ | ​ | ​ | ​
Interest rate contracts - Interest expense * |  | ​ | (7) | ​ | $ | (3) |  | ​ | (25) | ​ | $ | (3) | ​
Foreign exchange contracts - Cost of sales | ​ | ​ | (8) | ​ |  | (10) | ​ | ​ | (1) | ​ | ​ | (22) | ​
Foreign exchange contracts - Other operating * | ​ | ​ | (12) | ​ |  | 144 | ​ | ​ | 88 | ​ |  | 92 | ​
Total not designated |  | $ | (33) | ​ | $ | 131 |  | $ | 39 | ​ | $ | 67 | ​
* Includes interest and foreign exchange gains (losses) from cross-currency interest rate contracts.
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 28, 2019 |  | Recognized |  | Arrangements |  | Paid |  | Net Amount |
Assets |  | $ | 320 |  | $ | (70) |  | ​ | ​ |  | $ | 250 | ​
Liabilities | ​ | ​ | 146 | ​ | ​ | (70) | ​ | ​ | ​ | ​ | ​ | 76 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Amounts | ​ | Netting | ​ | Collateral | ​ | ​ | ​ |
October 28, 2018 |  | Recognized |  | Arrangements |  | Paid |  | Net Amount |
Assets | ​ | $ | 168 |  | $ | (65) |  | ​ | ​ |  | $ | 103 | ​
Liabilities | ​ | ​ | 399 | ​ |  | (65) | ​ | $ | (59) | ​ | ​ | 275 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross Amounts |  | Netting |  | Collateral |  | ​ | ​ |
July 29, 2018 | ​ | Recognized | ​ | Arrangements | ​ | Paid | ​ | Net Amount |
Assets | ​ | $ | 124 | ​ | $ | (67) | ​ | ​ | ​ | ​ | $ | 57 | ​
Liabilities | ​ |  | 384 | ​ |  | (67) | ​ | $ | (34) | ​ |  | 283 | ​

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