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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Oct. 30, 2022
DERIVATIVE INSTRUMENTS |
Amounts Recorded in the Balance Sheet Related to Borrowings Designated in Fair Value Hedging Relationships | The amounts recorded, at October 30, 2022 and October 31, 2021, in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows in millions of dollars. Fair value hedging adjustments are included in the carrying amount of the hedged item. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Hedging | ​ | Discontinued Hedging | ​
​ | ​ | Relationships | ​ | Relationships | ​
​ | ​ | Carrying | ​ | Cumulative | ​ | Carrying | ​ | Cumulative | ​
​ | ​ | Amount of | ​ | Fair Value | ​ | Amount of | ​ | Fair Value | ​
​ | ​ | Hedged | ​ | Hedging | ​ | Formerly | ​ | Hedging | ​
​ | ​ | Item | ​ | Amount | ​ | Hedged Item | ​ | Amount | ​
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,515 | ​ | $ | 15 | ​
Long-term borrowings | ​ | $ | 9,060 | ​ | $ | (1,006) | ​ | ​ | 5,520 | ​ | ​ | (19) | ​
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 191 | ​ | $ | 3 | ​ | $ | 1,997 | ​ | $ | (2) | ​
Long-term borrowings | ​ | ​ | 7,847 | ​ | ​ | 29 | ​ | ​ | 6,287 | ​ | ​ | 223 | ​
​
Fair Value of Derivative Instruments in Consolidated Balance Sheet | Fair values of derivative instruments in the consolidated balance sheets at October 30, 2022 and October 31, 2021 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
Other Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 87 |  | $ | 166 | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ |  | 212 | ​ | ​ | 73 | ​
Foreign exchange contracts | ​ |  | 66 | ​ | ​ | 31 | ​
Cross-currency interest rate contracts | ​ |  | 8 | ​ | ​ | 5 | ​
Total not designated | ​ |  | 286 | ​ | ​ | 109 | ​
Total derivative assets |  | $ | 373 |  | $ | 275 | ​
Accounts Payable and Accrued Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 1,004 |  | $ | 99 | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 107 | ​ | ​ | 33 | ​
Foreign exchange contracts | ​ |  | 118 | ​ | ​ | 94 | ​
Cross-currency interest rate contracts | ​ | ​ | 2 | ​ | ​ | 2 | ​
Total not designated | ​ |  | 227 | ​ | ​ | 129 | ​
Total derivative liabilities |  | $ | 1,231 |  | $ | 228 | ​
​
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 statements of consolidated income consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
Fair Value Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense |  | $ | (1,144) |  | $ | (236) |  | $ | 496 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flow Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax) | ​ |  | 89 | ​ |  | 8 | ​ |  | (18) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassified from OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense | ​ |  | 9 | ​ |  | (13) | ​ |  | (21) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not Designated as Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Net sales | ​ | $ | 53 | ​ | $ | 13 | ​ | $ | (23) | ​
Interest rate contracts – Interest expense* |  | ​ | 81 |  | ​ | 14 |  | ​ | (2) | ​
Foreign exchange contracts – Net sales | ​ | ​ | (6) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign exchange contracts – Cost of sales | ​ |  | (64) | ​ |  | (101) | ​ |  | 93 | ​
Foreign exchange contracts – Other operating expenses* | ​ |  | 402 | ​ |  | (262) | ​ |  | 122 | ​
Total not designated |  | $ | 466 |  | $ | (336) |  | $ | 190 | ​
* 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 30, 2022 and October 31, 2021 in millions of dollars follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Amounts | ​ | Netting | ​ | ​ | ​ | Net | ​
​ |  | Recognized |  | Arrangements |  | Collateral |  | Amount |
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  | $ | 373 |  | $ | (179) |  | $ | (54) |  | $ | 140 | ​
Liabilities | ​ |  | 1,231 | ​ |  | (179) | ​ | ​ | (701) | ​ | ​ | 351 | ​
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  | $ | 275 |  | $ | (105) |  | ​ | ​ |  | $ | 170 | ​
Liabilities | ​ |  | 228 | ​ |  | (105) | ​ | $ | (5) | ​ | ​ | 118 | ​

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