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DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Jan. 29, 2023

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.

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Active Hedging Relationships

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Discontinued Hedging Relationships

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Carrying Amount

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Cumulative Fair Value

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Carrying Amount of

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Cumulative Fair Value

​

​

​

of Hedged Item

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Hedging Amount

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Formerly Hedged Item

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Hedging Amount

​

January 29, 2023

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​

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Short-term borrowings

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​

​

​

​

​

​

$

1,915

​

$

15

​

Long-term borrowings

​

$

10,088

​

$

(666)

​

​

5,506

​

​

(83)

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​

​

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​

​

​

​

​

​

​

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​

​

October 30, 2022

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​

​

​

​

​

​

​

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Short-term borrowings

​

​

​

​

​

​

​

$

2,515

​

$

15

​

Long-term borrowings

​

$

9,060

​

$

(1,006)

​

​

5,520

​

​

(19)

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​

January 30, 2022

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​

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​

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​

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Short-term borrowings

​

$

177

​

$

2

​

$

2,357

​

$

8

​

Long-term borrowings

​

​

7,966

​

​

(130)

​

​

5,447

​

​

181

​

Fair Value of Derivative Instruments in Consolidated Balance Sheet

Fair values of derivative instruments in the condensed consolidated balance sheets in millions of dollars follow:

​	​	​	​	​	​	​	​	​	​	​
​		January 29			October 30			January 30
Other Assets	​	2023		​	2022		​	2022
Designated as hedging instruments:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts		$	90	​	$	87	​	$	102	​
	​	​	​	​	​	​	​	​	​	​
Not designated as hedging instruments:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts	​	​	188	​		212	​		82	​
Foreign exchange contracts	​	​	71	​		66	​		91	​
Cross-currency interest rate contracts	​	​	11	​		8	​		24	​
Total not designated	​	​	270	​		286	​		197	​
	​	​	​	​	​	​	​	​	​	​
Total derivative assets		$	360	​	$	373	​	$	299	​
	​	​	​	​	​	​	​	​	​	​
Accounts Payable and Accrued Expenses	​	​	​	​	​	​	​	​	​	​
Designated as hedging instruments:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts		$	678	​	$	1,004	​	$	185	​
	​	​	​	​	​	​	​	​	​	​
Not designated as hedging instruments:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts	​	​	97	​	​	107	​	​	27	​
Foreign exchange contracts	​	​	110	​		118	​		64	​
Cross-currency interest rate contracts	​	​	6	​		2	​		​	​
Total not designated	​	​	213	​		227	​		91	​
	​	​	​	​	​	​	​	​	​	​
Total derivative liabilities		$	891	​	$	1,231	​	$	276	​

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:

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​	​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	January 29		​	January 30
​	​	2023		​	2022
Fair Value Hedges					​	​
Interest rate contracts - Interest expense		$	239	​	$	(141)	​
	​	​	​	​	​	​	​
Cash Flow Hedges	​	​	​	​	​	​	​
Recognized in OCI:	​	​	​	​	​	​	​
Interest rate contracts - OCI (pretax)		$	(1)	​	$	15	​
	​	​	​	​	​	​	​
Reclassified from OCI:	​	​	​	​	​	​	​
Interest rate contracts - Interest expense		​	15	​		(2)	​
	​	​	​	​	​	​	​
Not Designated as Hedges	​	​	​	​	​	​	​
Interest rate contracts - Net sales	​	$	(7)	​	$	13	​
Interest rate contracts - Interest expense *		​	(8)	​	​	(1)	​
Foreign exchange contracts - Net sales	​	​	1	​	​	​	​
Foreign exchange contracts - Cost of sales		​	5	​		(1)	​
Foreign exchange contracts - Other operating expenses *		​	(142)	​		147	​
Total not designated	​	$	(151)	​	$	158	​

* 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:

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Gross Amounts

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Netting

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January 29, 2023

Recognized

Arrangements

Collateral

Net Amount

Assets

$

360

$

(162)

$

(47)

$

151

​

Liabilities

​

​

891

​

​

(162)

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​

(349)

​

​

380

​

​

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​

​

​

​

​

​

October 30, 2022

​

​

​

​

​

​

​

​

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​

​

Assets

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$

373

$

(179)

$

(54)

$

140

​

Liabilities

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​

1,231

​

(179)

​

​

(701)

​

​

351

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​

January 30, 2022

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​

​

​

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​

​

​

​

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Assets

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$

299

$

(91)

​

​

​

$

208

​

Liabilities

​

276

​

​

(91)

​

$

(19)

​

166

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X

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Schedule of gains and losses of derivative instruments and underlying borrowings in fair value hedging relationships.

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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