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DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Oct. 29, 2023

DERIVATIVE INSTRUMENTS

Fair Value of Derivative Instruments in Consolidated Balance Sheet

Fair values of our derivative instruments and the associated notional amounts at the end of 2023 and 2022 were as follows. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	Fair Value					​
​	​	Notional		​	Assets		​	Liabilities		​
2023	​	​	​	​	​	​	​	​	​	​
Cash flow hedges:					​	​		​	​
Interest rate contracts		$	1,500	​	$	45	​	​	​
	​	​	​	​	​	​	​	​	​	​
Fair value hedges:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts	​	​	12,691	​	​	​	​	$	970	​
	​	​	​	​	​	​	​	​	​	​
Not designated as hedging instruments:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts	​	​	13,853	​	​	169	​	​	98	​
Foreign exchange contracts	​	​	8,117	​	​	75	​	​	54	​
Cross-currency interest rate contracts	​	​	176	​	​	3	​	​	8	​
​	​	​	​	​	​	​	​	​	​	​
2022	​	​	​	​	​	​	​	​	​	​
Cash flow hedges:					​	​		​	​
Interest rate contracts		$	1,950	​	$	87	​	​	​
	​	​	​	​	​	​	​	​	​	​
Fair value hedges:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts	​	​	10,112	​	​	​	​	$	1,004	​
	​	​	​	​	​	​	​	​	​	​
Not designated as hedging instruments:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts	​	​	10,568	​	​	212	​	​	107	​
Foreign exchange contracts	​	​	8,185	​		66	​		118	​
Cross-currency interest rate contracts	​	​	260	​		8	​		2	​

​

Amounts Recorded in the Balance Sheet Related to Borrowings Designated in Fair Value Hedging Relationships

The amounts recorded, at October 29, 2023 and October 30, 2022, in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. 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

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Short-term borrowings

​

​

​

​

​

​

​

$

1,814

​

$

15

​

Long-term borrowings

​

$

11,660

​

$

(976)

​

​

7,144

​

​

(288)

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

Short-term borrowings

​

​

​

​

​

​

​

$

2,515

​

$

15

​

Long-term borrowings

​

$

9,060

​

$

(1,006)

​

​

5,520

​

​

(19)

​

​

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:

​

​	​	​	​	​	​	​	​	​	​	​
​		2023			2022			2021
Fair Value Hedges	​	​	​	​	​	​	​	​	​	​
Interest rate contracts – Interest expense		$	(542)		$	(1,144)		$	(236)	​
​	​	​	​	​	​	​	​	​	​	​
Cash Flow Hedges	​	​	​	​	​	​	​	​	​	​
Recognized in OCI:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts – OCI (pretax)	​	$	25	​	$	89	​	$	8	​
​	​	​	​	​	​	​	​	​	​	​
Reclassified from OCI:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts – Interest expense	​		62	​		9	​		(13)	​
​	​	​	​	​	​	​	​	​	​	​
Not Designated as Hedges	​	​	​	​	​	​	​	​	​	​
Interest rate contracts – Net sales	​	$	1	​	$	53	​	$	13	​
Interest rate contracts – Interest expense		​	40		​	81		​	14	​
Foreign exchange contracts – Net sales	​	​	(6)	​	​	(6)	​	​	​	​
Foreign exchange contracts – Cost of sales	​		8	​		(64)	​		(101)	​
Foreign exchange contracts – Other operating expenses	​		100	​		402	​		(262)	​
Total not designated		$	143		$	466		$	(336)	​

​

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 29, 2023 and October 30, 2022 follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross Amounts

​

Netting

​

​

​

Net

​

​

Recognized

Arrangements

Collateral

Amount

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

$

292

$

(152)

​

​

$

140

​

Liabilities

​

1,130

​

(152)

​

$

(659)

​

​

319

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

$

373

$

(179)

$

(54)

$

140

​

Liabilities

​

1,231

​

(179)

​

​

(701)

​

​

351

​

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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