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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Oct. 31, 2021
DERIVATIVE INSTRUMENTS |
Amounts Recorded in the Balance Sheet Related to Borrowings Designated in Fair Value Hedging Relationships | The amounts recorded, at October 31, 2021 and November 1, 2020, 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 | ​
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term borrowings due within one year* | ​ | $ | 189 | ​ | $ | 3 | ​ | $ | (2) | ​ | $ | 1 | ​
Long-term borrowings | ​ | ​ | 8,070 | ​ | ​ | 29 | ​ | ​ | 223 | ​ | ​ | 252 | ​
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term borrowings due within one year* | ​ | $ | 155 | ​ | $ | 2 | ​ | $ | 3 | ​ | $ | 5 | ​
Long-term borrowings | ​ | ​ | 7,725 | ​ | ​ | 543 | ​ | ​ | 122 | ​ | ​ | 665 | ​
* 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 October 31, 2021 and November 1, 2020 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |
Other Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 166 |  | $ | 586 | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ |  | 73 | ​ | ​ | 83 | ​
Foreign exchange contracts | ​ |  | 31 | ​ | ​ | 48 | ​
Cross-currency interest rate contracts | ​ |  | 5 | ​ | ​ | 8 | ​
Total not designated | ​ |  | 109 | ​ | ​ | 139 | ​
Total derivative assets |  | $ | 275 |  | $ | 725 | ​
Accounts Payable and Accrued Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 99 |  | $ | 14 | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 33 | ​ | ​ | 74 | ​
Foreign exchange contracts | ​ |  | 94 | ​ | ​ | 26 | ​
Cross-currency interest rate contracts | ​ | ​ | 2 | ​ | ​ | 1 | ​
Total not designated | ​ |  | 129 | ​ | ​ | 101 | ​
Total derivative liabilities |  | $ | 228 |  | $ | 115 | ​
​
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019 |
Fair Value Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense |  | $ | (236) |  | $ | 496 |  | $ | 589 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flow Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax) | ​ |  | 8 | ​ |  | (18) | ​ |  | (92) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassified from OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense | ​ |  | (13) | ​ |  | (21) | ​ |  | 5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not Designated as Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Net sales | ​ | $ | 13 | ​ | $ | (23) | ​ | $ | (23) | ​
Interest rate contracts – Interest expense* |  | ​ | 14 |  | ​ | (2) |  | ​ | (32) | ​
Foreign exchange contracts – Cost of sales | ​ |  | (101) | ​ |  | 93 | ​ |  | (18) | ​
Foreign exchange contracts – Other operating expenses* | ​ |  | (262) | ​ |  | 122 | ​ |  | 97 | ​
Total not designated |  | $ | (336) |  | $ | 190 |  | $ | 24 | ​
* 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 October 31, 2021 and November 1, 2020 in millions of dollars follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Amounts | ​ | Netting | ​ | ​ | ​ | Net | ​
​ |  | Recognized |  | Arrangements |  | Collateral |  | Amount |
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  | $ | 275 |  | $ | (105) |  | ​ | ​ |  | $ | 170 | ​
Liabilities | ​ |  | 228 | ​ |  | (105) | ​ | $ | (5) | ​ | ​ | 118 | ​
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  | $ | 725 |  | $ | (93) |  | $ | (274) |  | $ | 358 | ​
Liabilities | ​ |  | 115 | ​ |  | (93) | ​ | ​ | ​ | ​ | ​ | 22 | ​

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