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DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Jan. 28, 2024

Fair Values of Derivative Instruments in Consolidated Balance Sheets

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


	January 28, 2024						October 29, 2023						January 29, 2023
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	2,200	$	27	$	4	$	1,500	$	45			$	1,950	$	69

Fair value hedges:
Interest rate contracts		12,633		58		592		12,691			$	970		10,802		21	$	678

Not designated as hedging instruments:
Interest rate contracts		14,200		129		82		13,853		169		98		11,147		188		97
Foreign exchange contracts		7,856		39		53		8,117		75		54		9,304		71		110
Cross-currency interest rate contracts		189				13		176		3		8		234		11		6

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

The amounts recorded 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 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
January 28, 2024
Short-term borrowings	$	288	$	(9)	$	1,960	$	10
Long-term borrowings		11,745		(537)		7,711		(270)

October 29, 2023
Short-term borrowings					$	1,814	$	15
Long-term borrowings	$	11,660	$	(976)		7,144		(288)

January 29, 2023
Short-term borrowings					$	1,915	$	15
Long-term borrowings	$	10,088	$	(666)		5,506		(83)

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:


	Three Months Ended
	January 28		January 29
	2024		2023
Fair Value Hedges
Interest rate contracts - Interest expense	$	344	$	239

Cash Flow Hedges
Recognized in OCI:
Interest rate contracts - OCI (pretax)	$	(8)	$	(1)

Reclassified from OCI:
Interest rate contracts - Interest expense		11		15

Not Designated as Hedges
Interest rate contracts - Net sales			$	(7)
Interest rate contracts - Interest expense	$	(9)		(8)
Foreign exchange contracts - Net sales		5		1
Foreign exchange contracts - Cost of sales		(30)		5
Foreign exchange contracts - Other operating expenses		(181)		(142)
Total not designated	$	(215)	$	(151)

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 follows:


	Gross Amounts		Netting
January 28, 2024	Recognized		Arrangements		Collateral		Net Amount
Assets	$	253	$	(112)	$	(19)	$	122
Liabilities		744		(112)		(368)		264

	Gross Amounts		Netting
October 29, 2023	Recognized		Arrangements		Collateral		Net Amount
Assets	$	292	$	(152)			$	140
Liabilities		1,130		(152)	$	(659)		319

	Gross Amounts		Netting
January 29, 2023	Recognized		Arrangements		Collateral		Net Amount
Assets	$	360	$	(162)	$	(47)	$	151
Liabilities		891		(162)		(349)		380