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DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Aug. 02, 2020

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
		Hedged Item			Relationships			Relationships			Total
August 2, 2020
Long-term borrowings due within one year*		$	480		$	6		$	2		$	8
Long-term borrowings			9,140			754			40			794

November 3, 2019
Long-term borrowings due within one year*		$	412		$	(1)		$	(4)		$	(5)
Long-term borrowings			8,532			295			(32)			263

July 28, 2019
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:


		August 2			November 3			July 28
Other Assets		2020			2019			2019
Designated as hedging instruments:
Interest rate contracts		$	806		$	332		$	232
Total designated			806			332			232

Not designated as hedging instruments:
Interest rate contracts			89			31			33
Foreign exchange contracts			57			20			53
Cross-currency interest rate contracts			9			1			2
Total not designated			155			52			88

Total derivative assets		$	961		$	384		$	320

Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts		$	24		$	28		$	55
Total designated			24			28			55

Not designated as hedging instruments:
Interest rate contracts			91			37			44
Foreign exchange contracts			55			71			45
Cross-currency interest rate contracts						3			2
Total not designated			146			111			91

Total derivative liabilities		$	170		$	139		$	146

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
		August 2			July 28			August 2			July 28
		2020			2019			2020			2019
Fair Value Hedges:
Interest rate contracts - Interest expense		$	78		$	193		$	589		$	468

Cash Flow Hedges:
Recognized in OCI
Interest rate contracts - OCI (pretax)			(1)			(27)			(18)			(42)

Reclassified from OCI
Interest rate contracts - Interest expense			(7)			1			(13)			6

Not Designated as Hedges:
Interest rate contracts - Net sales		$	(2)		$	(6)		$	(26)		$	(23)
Interest rate contracts - Interest expense *			(1)			(7)			2			(25)
Foreign exchange contracts - Cost of sales			(28)			(8)			64			(1)
Foreign exchange contracts - Other operating *			(49)			(12)			125			88
Total not designated		$	(80)		$	(33)		$	165		$	39

* 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
August 2, 2020		Recognized			Arrangements			Received			Net Amount
Assets		$	961		$	(120)		$	(332)		$	509
Liabilities			170			(120)						50


		Gross Amounts			Netting			Collateral
November 3, 2019		Recognized			Arrangements			Received			Net Amount
Assets		$	384		$	(70)					$	314
Liabilities			139			(70)						69


		Gross Amounts			Netting			Collateral
July 28, 2019		Recognized			Arrangements			Received			Net Amount
Assets		$	320		$	(70)					$	250
Liabilities			146			(70)						76