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DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
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Jul. 31, 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 were as follows in millions of dollars. Fair value hedging adjustments are included in the carrying amount of the hedged item.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Hedging Relationships | ​ | Discontinued Hedging Relationships | ​
​ | ​ | Carrying Amount | ​ | Cumulative Fair Value | ​ | Carrying Amount of | ​ | Cumulative Fair Value | ​
​ | ​ | of Hedged Item | ​ | Hedging Amount | ​ | Formerly Hedged Item | ​ | Hedging Amount | ​
July 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,605 | ​ | $ | 5 | ​
Long-term borrowings | ​ | $ | 7,835 | ​ | $ | (430) | ​ | ​ | 5,728 | ​ | ​ | 39 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
October 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 191 | ​ | $ | 3 | ​ | $ | 1,997 | ​ | $ | (2) | ​
Long-term borrowings | ​ | ​ | 7,847 | ​ | ​ | 29 | ​ | ​ | 6,287 | ​ | ​ | 223 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
August 1, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 189 | ​ | $ | 4 | ​ | $ | 1,898 | ​ | $ | (1) | ​
Long-term borrowings | ​ | ​ | 8,698 | ​ | ​ | 263 | ​ | ​ | 5,831 | ​ | ​ | 190 | ​
​
Fair Value of Derivative Instruments in Consolidated Balance Sheet | Fair values of derivative instruments in the condensed consolidated balance sheets were as follows in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | July 31 |  | October 31 |  | August 1 |
Other Assets | ​ | 2022 | ​ | 2021 | ​ | 2021 |
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 82 | ​ | $ | 166 | ​ | $ | 332 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 163 | ​ |  | 73 | ​ |  | 57 | ​
Foreign exchange contracts | ​ | ​ | 30 | ​ |  | 31 | ​ |  | 41 | ​
Cross-currency interest rate contracts | ​ | ​ | 5 | ​ |  | 5 | ​ |  | 2 | ​
Total not designated | ​ | ​ | 198 | ​ |  | 109 | ​ |  | 100 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total derivative assets |  | $ | 280 | ​ | $ | 275 | ​ | $ | 432 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts Payable and Accrued Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts |  | $ | 434 | ​ | $ | 99 | ​ | $ | 40 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 79 | ​ | ​ | 33 | ​ | ​ | 43 | ​
Foreign exchange contracts | ​ | ​ | 149 | ​ |  | 94 | ​ |  | 67 | ​
Cross-currency interest rate contracts | ​ | ​ | 5 | ​ |  | 2 | ​ |  | 2 | ​
Total not designated | ​ | ​ | 233 | ​ |  | 129 | ​ |  | 112 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total derivative liabilities |  | $ | 667 | ​ | $ | 228 | ​ | $ | 152 | ​
Gains (Losses) Related to Derivative Instruments on Statement of Consolidated Income | The classification and gains (losses) including accrued interest expense related to derivative instruments consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended |
​ | ​ | July 31 | ​ | August 1 | ​ | July 31 | ​ | August 1 |
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 |
Fair Value Hedges: |  |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ |
Interest rate contracts - Interest expense |  | $ | 149 | ​ | $ | 146 |  | $ | (507) | ​ | $ | (79) | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flow Hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - OCI (pretax) | ​ | $ | 1 | ​ | $ | (1) | ​ | $ | 52 | ​ | $ | (1) | ​
Reclassified from OCI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - Interest expense | ​ | ​ | 3 | ​ |  | (3) | ​ | ​ | ​ | ​ |  | (11) | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not Designated as Hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - Net sales | ​ | ​ | ​ | ​ | $ | (2) | ​ | $ | 44 | ​ | $ | 3 | ​
Interest rate contracts - Interest expense * |  | $ | (18) | ​ | ​ | (2) |  | ​ | 41 | ​ | ​ | (6) | ​
Foreign exchange contracts - Net sales | ​ | ​ | (1) | ​ | ​ | ​ | ​ | ​ | (2) | ​ | ​ | ​ | ​
Foreign exchange contracts - Cost of sales | ​ | ​ | (29) | ​ |  | (7) | ​ | ​ | (109) | ​ | ​ | (107) | ​
Foreign exchange contracts - Other operating expenses * | ​ | ​ | (20) | ​ |  | (5) | ​ | ​ | 153 | ​ |  | (209) | ​
Total not designated |  | $ | (68) | ​ | $ | (16) |  | $ | 127 | ​ | $ | (319) | ​
* 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 | ​ | ​ | ​ | ​ | ​ |
July 31, 2022 |  | Recognized |  | Arrangements |  | Collateral |  | Net Amount |
Assets |  | $ | 280 |  | $ | (125) |  | $ | (40) |  | $ | 115 | ​
Liabilities | ​ | ​ | 667 | ​ | ​ | (125) | ​ | ​ | (238) | ​ | ​ | 304 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Amounts | ​ | Netting | ​ | ​ | ​ | ​ | ​ |
October 31, 2021 |  | Recognized |  | Arrangements |  | Collateral |  | Net Amount |
Assets | ​ | $ | 275 |  | $ | (105) | ​ | ​ | ​ |  | $ | 170 | ​
Liabilities | ​ | ​ | 228 | ​ | ​ | (105) | ​ | $ | (5) | ​ | ​ | 118 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross Amounts |  | Netting |  | ​ |  | ​ | ​ |
August 1, 2021 | ​ | Recognized | ​ | Arrangements | ​ | Collateral | ​ | Net Amount |
Assets | ​ | $ | 432 | ​ | $ | (94) | ​ | $ | (88) | ​ | $ | 250 | ​
Liabilities | ​ |  | 152 | ​ |  | (94) | ​ | ​ | (2) | ​ |  | 56 | ​

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