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DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Jan. 31, 2021

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
January 31, 2021
Long-term borrowings due within one year*		$	159		$	2		$	1		$	3
Long-term borrowings			8,713			435			137			572

November 1, 2020
Long-term borrowings due within one year*		$	155		$	2		$	3		$	5
Long-term borrowings			7,725			543			122			665

February 2, 2020
Long-term borrowings due within one year*		$	220		$	(1)		$	(5)		$	(6)
Long-term borrowings			9,521			379			(21)			358

* 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:


		January 31			November 1			February 2
Other Assets		2021			2020			2020
Designated as hedging instruments:
Interest rate contracts		$	491		$	586		$	409
Total designated			491			586			409

Not designated as hedging instruments:
Interest rate contracts			77			83			34
Foreign exchange contracts			34			48			37
Cross-currency interest rate contracts			3			8			1
Total not designated			114			139			72

Total derivative assets		$	605		$	725		$	481

Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts		$	31		$	14		$	17
Total designated			31			14			17

Not designated as hedging instruments:
Interest rate contracts			66			74			40
Foreign exchange contracts			76			26			40
Cross-currency interest rate contracts			2			1			4
Total not designated			144			101			84

Total derivative liabilities		$	175		$	115		$	101

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
		January 31			February 2
		2021			2020
Fair Value Hedges:
Interest rate contracts - Interest expense		$	(55)		$	96

Cash Flow Hedges:
Recognized in OCI
Interest rate contracts - OCI (pretax)						(2)

Reclassified from OCI
Interest rate contracts - Interest expense			(5)			(2)

Not Designated as Hedges:
Interest rate contracts - Net sales					$	(4)
Interest rate contracts - Interest expense *		$	(4)			2
Foreign exchange contracts - Cost of sales			(52)			11
Foreign exchange contracts - Other operating *			(126)			(1)
Total not designated		$	(182)		$	8

* 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 any collateral received or paid in millions of dollars follows:


		Gross Amounts			Netting
January 31, 2021		Recognized			Arrangements			Collateral			Net Amount
Assets		$	605		$	(106)		$	(186)		$	313
Liabilities			175			(106)						69


		Gross Amounts			Netting
November 1, 2020		Recognized			Arrangements			Collateral			Net Amount
Assets		$	725		$	(93)		$	(274)		$	358
Liabilities			115			(93)						22


		Gross Amounts			Netting
February 2, 2020		Recognized			Arrangements			Collateral			Net Amount
Assets		$	481		$	(60)		$	(26)		$	395
Liabilities			101			(60)						41