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DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Jan. 30, 2022

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 30, 2022
Long-term borrowings due within one year		$	185		$	2		$	8		$	10
Long-term borrowings			8,147			(130)			181			51

October 31, 2021
Long-term borrowings due within one year		$	189		$	3		$	(2)		$	1
Long-term borrowings			8,070			29			223			252

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

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 in millions of dollars follow:


		January 30			October 31			January 31
Other Assets		2022			2021			2021
Designated as hedging instruments:
Interest rate contracts		$	102		$	166		$	491

Not designated as hedging instruments:
Interest rate contracts			82			73			77
Foreign exchange contracts			91			31			34
Cross-currency interest rate contracts			24			5			3
Total not designated			197			109			114

Total derivative assets		$	299		$	275		$	605

Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts		$	185		$	99		$	31

Not designated as hedging instruments:
Interest rate contracts			27			33			66
Foreign exchange contracts			64			94			76
Cross-currency interest rate contracts						2			2
Total not designated			91			129			144

Total derivative liabilities		$	276		$	228		$	175

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 30			January 31
		2022			2021
Fair Value Hedges:
Interest rate contracts - Interest expense		$	(141)		$	(55)

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

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

Not Designated as Hedges:
Interest rate contracts - Net sales		$	13
Interest rate contracts - Interest expense *			(1)		$	(4)
Foreign exchange contracts - Cost of sales			(1)			(52)
Foreign exchange contracts - Other operating expenses *			147			(126)
Total not designated		$	158		$	(182)

* 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
January 30, 2022		Recognized			Arrangements			Collateral			Net Amount
Assets		$	299		$	(91)					$	208
Liabilities			276			(91)		$	(19)			166


		Gross Amounts			Netting
October 31, 2021		Recognized			Arrangements			Collateral			Net Amount
Assets		$	275		$	(105)					$	170
Liabilities			228			(105)		$	(5)			118


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