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DERIVATIVE INSTRUMENTS | 9 Months Ended
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Jul. 28, 2024
DERIVATIVE INSTRUMENTS |
DERIVATIVE INSTRUMENTS | (18) Derivative Instruments 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.”
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | July 28, 2024 | ​ | October 29, 2023 | ​ | July 30, 2023 |
​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value |
​ | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 3,475 | ​ | $ | 14 | ​ | $ | 18 |  | $ | 1,500 | ​ | $ | 45 | ​ | ​ | ​ |  | $ | 1,500 | ​ | $ | 48 | ​ | $ | 3 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 15,165 | ​ | ​ | 119 | ​ | ​ | 486 | ​ | ​ | 12,691 | ​ | ​ | ​ | ​ | $ | 970 | ​ | ​ | 12,160 | ​ | ​ | 4 | ​ | ​ | 729 | ​
Cross-currency interest rate contracts | ​ | ​ | 975 | ​ | ​ | 16 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 13,656 | ​ | ​ | 103 | ​ | ​ | 59 | ​ | ​ | 13,853 | ​ | ​ | 169 | ​ | ​ | 98 | ​ | ​ | 13,233 | ​ | ​ | 221 | ​ | ​ | 109 | ​
Foreign exchange contracts | ​ | ​ | 7,529 | ​ | ​ | 99 | ​ | ​ | 16 | ​ | ​ | 8,117 | ​ |  | 75 | ​ |  | 54 | ​ | ​ | 8,630 | ​ |  | 51 | ​ |  | 82 | ​
Cross-currency interest rate contracts | ​ | ​ | 190 | ​ | ​ | 10 | ​ | ​ | 3 | ​ | ​ | 176 | ​ |  | 3 | ​ |  | 8 | ​ | ​ | 155 | ​ |  | ​ | ​ |  | 25 | ​
​ 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 | ​
July 28, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 286 | ​ | $ | (4) | ​ | $ | 1,458 | ​ | $ | 9 | ​
Long-term borrowings | ​ | ​ | 15,386 | ​ | ​ | (394) | ​ | ​ | 8,414 | ​ | ​ | (264) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
October 29, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,814 | ​ | $ | 15 | ​
Long-term borrowings | ​ | $ | 11,660 | ​ | $ | (976) | ​ | ​ | 7,144 | ​ | ​ | (288) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,324 | ​ | $ | 25 | ​
Long-term borrowings | ​ | $ | 11,379 | ​ | $ | (728) | ​ | ​ | 6,319 | ​ | ​ | (265) | ​
​ 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 | ​ | Nine Months Ended |
​ | ​ | July 28 | ​ | July 30 | ​ | July 28 | ​ | July 30 |
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 |
Fair Value Hedges |  |  |  |  | ​ | ​ |  |  |  |  | ​ | ​ |
Interest rate contracts – Interest expense* |  | $ | 373 | ​ | $ | (375) |  | $ | 269 | ​ | $ | (146) | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flow Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax) | ​ | $ | (15) | ​ | $ | 24 | ​ | $ | 3 | ​ | $ | 19 | ​
Reclassified from OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense | ​ | ​ | 22 | ​ |  | 18 | ​ | ​ | 49 | ​ |  | 52 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not Designated as Hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Net sales | ​ | ​ | ​ | ​ | $ | 6 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense* |  | $ | 4 | ​ | ​ | 48 |  | $ | 2 | ​ | $ | 45 | ​
Foreign exchange contracts – Net sales | ​ | ​ | (3) | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 2 | ​
Foreign exchange contracts – Cost of sales | ​ | ​ | 36 | ​ |  | (78) | ​ | ​ | 15 | ​ | ​ | (14) | ​
Foreign exchange contracts – Other operating expenses* | ​ | ​ | 17 | ​ |  | (142) | ​ | ​ | (118) | ​ |  | (157) | ​
Total not designated |  | $ | 54 | ​ | $ | (163) |  | $ | (101) | ​ | $ | (124) | ​
​ * Includes interest and foreign exchange gains (losses) from cross-currency interest rate contracts. Certain of our derivative agreements contain credit support provisions that may require us to post collateral based on the size of the net liability positions and credit ratings. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position at July 28, 2024, October 29, 2023, and July 30, 2023, was $566, $1,076, and $865, respectively. In accordance with the limits established in these agreements, we posted $269, $659, and $435 of cash collateral at July 28, 2024, October 29, 2023, and July 30, 2023, respectively. In addition, we paid $8 of collateral that was outstanding at July 28, 2024, October 29, 2023, and July 30, 2023 to participate in an international futures market to hedge currency exposure, not included in the table below. 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 |
July 28, 2024 |  |  |  |  |  |  |  |  |  |  |  |  | ​
Assets |  | $ | 361 |  | $ | (154) |  | ​ | ​ |  | $ | 207 | ​
Liabilities | ​ | ​ | 582 | ​ | ​ | (154) | ​ | $ | (269) | ​ | ​ | 159 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
October 29, 2023 |  | ​ |  | ​ |  | ​ |  | ​ |
Assets | ​ | $ | 292 |  | $ | (152) |  | ​ | ​ |  | $ | 140 | ​
Liabilities | ​ | ​ | 1,130 | ​ |  | (152) | ​ | $ | (659) | ​ | ​ | 319 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
July 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Assets | ​ | $ | 324 |  | $ | (160) |  | $ | (28) | ​ | $ | 136 | ​
Liabilities | ​ |  | 948 | ​ | ​ | (160) | ​ | ​ | (435) | ​ |  | 353 | ​
​

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