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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Apr. 28, 2024
DERIVATIVE INSTRUMENTS |
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.”
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 28, 2024 | ​ | October 29, 2023 | ​ | April 30, 2023 |
​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value |
​ | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities |
Cash flow hedges: |  |  |  |  | ​ | ​ |  | ​ | ​ |  |  |  |  | ​ | ​ |  | ​ | ​ |  |  |  |  | ​ | ​ |  | ​ | ​ |
Interest rate contracts |  | $ | 2,700 | ​ | $ | 34 | ​ | $ | 1 |  | $ | 1,500 | ​ | $ | 45 | ​ | ​ | ​ |  | $ | 2,250 | ​ | $ | 55 | ​ | $ | 6 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 13,664 | ​ | ​ | 8 | ​ | ​ | 884 | ​ | ​ | 12,691 | ​ | ​ | ​ | ​ | $ | 970 | ​ | ​ | 10,943 | ​ | ​ | 49 | ​ | ​ | 605 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 12,869 | ​ | ​ | 112 | ​ | ​ | 71 | ​ | ​ | 13,853 | ​ | ​ | 169 | ​ | ​ | 98 | ​ | ​ | 11,956 | ​ | ​ | 171 | ​ | ​ | 91 | ​
Foreign exchange contracts | ​ | ​ | 7,582 | ​ | ​ | 36 | ​ | ​ | 38 | ​ | ​ | 8,117 | ​ |  | 75 | ​ |  | 54 | ​ | ​ | 9,163 | ​ |  | 91 | ​ |  | 42 | ​
Cross-currency interest rate contracts | ​ | ​ | 211 | ​ | ​ | 1 | ​ | ​ | 11 | ​ | ​ | 176 | ​ |  | 3 | ​ |  | 8 | ​ | ​ | 163 | ​ |  | 1 | ​ |  | 14 | ​
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 | ​
April 28, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 286 | ​ | $ | (7) | ​ | $ | 2,565 | ​ | $ | 16 | ​
Long-term borrowings | ​ | ​ | 12,434 | ​ | ​ | (879) | ​ | ​ | 7,616 | ​ | ​ | (264) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
October 29, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,814 | ​ | $ | 15 | ​
Long-term borrowings | ​ | $ | 11,660 | ​ | $ | (976) | ​ | ​ | 7,144 | ​ | ​ | (288) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
April 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,213 | ​ | $ | 14 | ​
Long-term borrowings | ​ | $ | 10,334 | ​ | $ | (562) | ​ | ​ | 5,657 | ​ | ​ | (132) | ​
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 | ​ | Six Months Ended |
​ | ​ | April 28 | ​ | April 30 | ​ | April 28 | ​ | April 30 |
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 |
Fair Value Hedges |  |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ |
Interest rate contracts - Interest expense |  | $ | (448) | ​ | $ | (10) |  | $ | (104) | ​ | $ | 229 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flow Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - OCI (pretax) | ​ | $ | 26 | ​ | $ | (4) | ​ | $ | 18 | ​ | $ | (5) | ​
Reclassified from OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - Interest expense | ​ | ​ | 16 | ​ |  | 19 | ​ | ​ | 27 | ​ |  | 34 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not Designated as Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts - Net sales | ​ | ​ | ​ | ​ | $ | 1 | ​ | ​ | ​ | ​ | $ | (6) | ​
Interest rate contracts - Interest expense |  | $ | 7 | ​ | ​ | 5 |  | $ | (2) | ​ | ​ | (3) | ​
Foreign exchange contracts - Net sales | ​ | ​ | (2) | ​ | ​ | (2) | ​ | ​ | 3 | ​ | ​ | (1) | ​
Foreign exchange contracts - Cost of sales | ​ | ​ | 9 | ​ |  | 59 | ​ | ​ | (21) | ​ | ​ | 64 | ​
Foreign exchange contracts - Other operating expenses | ​ | ​ | 46 | ​ |  | 127 | ​ | ​ | (135) | ​ |  | (15) | ​
Total not designated |  | $ | 60 | ​ | $ | 190 |  | $ | (155) | ​ | $ | 39 | ​
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 collateral follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Amounts | ​ | Netting | ​ | ​ | ​ | ​ | ​ |
​ |  | Recognized |  | Arrangements |  | Collateral |  | Net Amount |
April 28, 2024 |  |  |  |  |  |  |  |  |  |  |  |  | ​
Assets |  | $ | 191 |  | $ | (93) |  | ​ | ​ |  | $ | 98 | ​
Liabilities | ​ | ​ | 1,005 | ​ | ​ | (93) | ​ | $ | (562) | ​ | ​ | 350 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
October 29, 2023 |  | ​ |  | ​ |  | ​ |  | ​ |
Assets | ​ | $ | 292 |  | $ | (152) |  | ​ | ​ |  | $ | 140 | ​
Liabilities | ​ | ​ | 1,130 | ​ |  | (152) | ​ | $ | (659) | ​ | ​ | 319 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
April 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Assets | ​ | $ | 367 |  | $ | (168) |  | $ | (29) | ​ | $ | 170 | ​
Liabilities | ​ |  | 758 | ​ | ​ | (168) | ​ | ​ | (308) | ​ |  | 282 | ​

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- Definition 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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