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DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Oct. 27, 2024

DERIVATIVE INSTRUMENTS

Fair Values of Derivative Instruments in Consolidated Balance Sheets

Fair values of our derivative instruments and the associated notional amounts at the end of 2024 and 2023 were as follows. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	Fair Value					​
​	​	Notional		​	Assets		​	Liabilities		​
2024	​	​	​	​	​	​	​	​	​	​
Cash flow hedges:					​	​		​	​
Interest rate contracts		$	2,875	​	$	3	​	$	20
	​	​	​	​	​	​	​	​	​	​
Fair value hedges:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts	​	​	15,864	​	​	115	​	​	467	​
Cross-currency interest rate contracts	​	​	975	​	​	31	​	​	​	​
	​	​	​	​	​	​	​	​	​	​
Not designated as hedging instruments:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts	​	​	12,518	​	​	97	​	​	75	​
Foreign exchange contracts	​	​	7,533	​	​	95	​	​	20	​
Cross-currency interest rate contracts	​	​	158	​	​	16	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
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	​

​

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

The amounts recorded, at October 27, 2024 and October 29, 2023, 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

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Short-term borrowings

​

$

287

​

$

(1)

​

$

1,782

​

$

7

​

Long-term borrowings

​

​

16,125

​

​

(347)

​

​

8,626

​

​

(228)

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Short-term borrowings

​

​

​

​

​

​

​

$

1,814

​

$

15

​

Long-term borrowings

​

$

11,660

​

$

(976)

​

​

7,144

​

​

(288)

​

​

Gains (Losses) Related to Derivative Instruments on Statements 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:

​

​	​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
Fair Value Hedges	​	​	​	​	​	​	​	​	​	​
Interest rate contracts – Interest expense		$	226		$	(542)		$	(1,144)	​
​	​	​	​	​	​	​	​	​	​	​
Cash Flow Hedges	​	​	​	​	​	​	​	​	​	​
Recognized in OCI:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts – OCI (pretax)	​	$	(10)	​	$	25	​	$	89	​
Reclassified from OCI:	​	​	​	​	​	​	​	​	​	​
Interest rate contracts – Interest expense	​		71	​		62	​		9	​
​	​	​	​	​	​	​	​	​	​	​
Not Designated as Hedges	​	​	​	​	​	​	​	​	​	​
Interest rate contracts – Net sales	​	​	​	​	$	1	​	$	53	​
Interest rate contracts – Interest expense		$	(4)		​	40		​	81	​
Foreign exchange contracts – Net sales	​	​	(2)	​	​	(6)	​	​	(6)	​
Foreign exchange contracts – Cost of sales	​		10	​		8	​		(64)	​
Foreign exchange contracts – Other operating expenses	​		(135)	​		100	​		402	​
Total not designated		$	(131)		$	143		$	466	​

​

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 27, 2024 and October 29, 2023 follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross Amounts

​

Netting

​

​

​

Net

​

​

Recognized

Arrangements

Collateral

Amount

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

$

357

$

(142)

​

​

$

215

​

Liabilities

​

582

​

(142)

​

$

(246)

​

​

194

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

$

292

$

(152)

​

​

$

140

​

Liabilities

​

1,130

​

(152)

​

$

(659)

​

​

319

​

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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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