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DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

May 02, 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 were as follows in millions of dollars:


					Cumulative Increase (Decrease) of Fair
					Value Hedging Adjustments Included in
					the Carrying Amount
		Carrying			Active
		Amount of			Hedging			Discontinued
		Hedged Item			Relationships			Relationships			Total
May 2, 2021
Long-term borrowings due within one year		$	163		$	1		$	(1)
Long-term borrowings			8,502			190			171		$	361

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

May 3, 2020
Long-term borrowings due within one year		$	214					$	(2)		$	(2)
Long-term borrowings			9,496		$	726			36			762

Long-term borrowings due within one year are 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 were as follows in millions of dollars:


		May 2			November 1			May 3
Other Assets		2021			2020			2020
Designated as hedging instruments:
Interest rate contracts		$	301		$	586		$	758

Not designated as hedging instruments:
Interest rate contracts			67			83			84
Foreign exchange contracts			30			48			92
Cross-currency interest rate contracts			4			8			17
Total not designated			101			139			193

Total derivative assets		$	402		$	725		$	951

Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts		$	80		$	14		$	30

Not designated as hedging instruments:
Interest rate contracts			52			74			101
Foreign exchange contracts			89			26			68
Cross-currency interest rate contracts			2			1
Total not designated			143			101			169

Total derivative liabilities		$	223		$	115		$	199

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						Six Months Ended
		May 2			May 3			May 2			May 3
		2021			2020			2021			2020
Fair Value Hedges:
Interest rate contracts - Interest expense		$	(170)		$	415		$	(225)		$	511

Cash Flow Hedges:
Recognized in OCI
Interest rate contracts - OCI (pretax)						(15)						(17)

Reclassified from OCI
Interest rate contracts - Interest expense			(4)			(4)			(9)			(6)

Not Designated as Hedges:
Interest rate contracts - Net sales		$	5		$	(20)		$	5		$	(24)
Interest rate contracts - Interest expense *						1			(4)			3
Foreign exchange contracts - Cost of sales			(48)			81			(100)			92
Foreign exchange contracts - Other operating *			(78)			175			(204)			174
Total not designated		$	(121)		$	237		$	(303)		$	245

* 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 was as follows in millions of dollars:


		Gross Amounts			Netting
May 2, 2021		Recognized			Arrangements			Collateral			Net Amount
Assets		$	402		$	(125)		$	(21)		$	256
Liabilities			223			(125)			(1)			97


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


		Gross Amounts			Netting
May 3, 2020		Recognized			Arrangements			Collateral			Net Amount
Assets		$	951		$	(125)		$	(319)		$	507
Liabilities			199			(125)						74