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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Nov. 01, 2020
DERIVATIVE INSTRUMENTS |
Amounts Recorded in the Balance Sheet Related to Borrowings Designated in Fair Value Hedging Relationships | The amounts recorded, at November 1, 2020 and November 3, 2019, 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 | ​
​ | ​ | Carrying | ​ | Included in the Carrying Amount | ​
​ | ​ | Amount of | ​ | Active | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Hedged | ​ | Hedging | ​ | Discontinued | ​ | ​ | ​ | ​
​ | ​ | Item | ​ | Relationships | ​ | Relationships | ​ | Total | ​
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term borrowings due within one year* | ​ | $ | 155 | ​ | $ | 2 | ​ | $ | 3 | ​ | $ | 5 | ​
Long-term borrowings | ​ | ​ | 7,725 | ​ | ​ | 543 | ​ | ​ | 122 | ​ | ​ | 665 | ​
2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term borrowings due within one year* | ​ | $ | 412 | ​ | $ | (1) | ​ | $ | (4) | ​ | $ | (5) | ​
Long-term borrowings | ​ | ​ | 8,532 | ​ | ​ | 295 | ​ | ​ | (32) | ​ | ​ | 263 | ​
* Presented in short-term borrowings. ​
Fair Value of Derivative Instruments in Consolidated Balance Sheet | Fair values of derivative instruments in the consolidated balance sheet at November 1, 2020 and November 3, 2019 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
Other Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 586 |  | $ | 332 | ​
Total designated | ​ |  | 586 | ​ | ​ | 332 | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ |  | 83 | ​ | ​ | 31 | ​
Foreign exchange contracts | ​ |  | 48 | ​ | ​ | 20 | ​
Cross-currency interest rate contracts | ​ |  | 8 | ​ | ​ | 1 | ​
Total not designated | ​ |  | 139 | ​ | ​ | 52 | ​
Total derivative assets |  | $ | 725 |  | $ | 384 | ​
Accounts Payable and Accrued Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 14 |  | $ | 28 | ​
Total designated | ​ |  | 14 | ​ | ​ | 28 | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 74 | ​ | ​ | 37 | ​
Foreign exchange contracts | ​ |  | 26 | ​ | ​ | 71 | ​
Cross-currency interest rate contracts | ​ | ​ | 1 | ​ | ​ | 3 | ​
Total not designated | ​ |  | 101 | ​ | ​ | 111 | ​
Total derivative liabilities |  | $ | 115 |  | $ | 139 | ​
​
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018 |
Fair Value Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense |  | $ | 496 |  | $ | 589 |  | $ | (283) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flow Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax)* | ​ |  | (18) | ​ |  | (92) | ​ |  | 17 | ​
Foreign exchange contracts – OCI (pretax)* | ​ |  | ​ | ​ |  | ​ | ​ |  | 2 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassified from OCI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense* | ​ |  | (21) | ​ |  | 5 | ​ |  | 5 | ​
Foreign exchange contracts – Other expense* | ​ |  | ​ | ​ |  | ​ | ​ |  | 1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not Designated as Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Net sales | ​ | $ | (23) | ​ | $ | (23) | ​ | $ | 3 | ​
Interest rate contracts – Interest expense* |  | ​ | (2) |  | ​ | (32) |  | ​ | (4) | ​
Foreign exchange contracts – Cost of sales | ​ |  | 93 | ​ |  | (18) | ​ |  | (24) | ​
Foreign exchange contracts – Other expense* | ​ |  | 122 | ​ |  | 97 | ​ |  | 195 | ​
Total not designated |  | $ | 190 |  | $ | 24 |  | $ | 170 | ​
* 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 | The impact on the derivative assets and liabilities related to netting arrangements and collateral at November 1, 2020 and November 3, 2019 in millions of dollars follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Amounts | ​ | Netting | ​ | ​ | ​ | Net | ​
​ |  | Recognized |  | Arrangements |  | Collateral |  | Amount |
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  | $ | 725 |  | $ | (93) |  | $ | (274) |  | $ | 358 | ​
Liabilities | ​ |  | 115 | ​ |  | (93) | ​ | ​ | ​ | ​ | ​ | 22 | ​
2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  | $ | 384 |  | $ | (70) |  | ​ | ​ |  | $ | 314 | ​
Liabilities | ​ |  | 139 | ​ |  | (70) | ​ | ​ | ​ | ​ | ​ | 69 | ​
​

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