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DERIVATIVE INSTRUMENTS | 3 Months Ended
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Jan. 26, 2025
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.”
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | January 26, 2025 | ​ | October 27, 2024 | ​ | January 28, 2024 |
​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value |
​ | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities |
Cash flow hedges: |  |  |  |  | ​ | ​ |  | ​ | ​ |  |  |  |  | ​ | ​ |  | ​ | ​ |  |  |  |  | ​ | ​ |  | ​ | ​ |
Interest rate contracts |  | $ | 3,275 | ​ | $ | 1 | ​ | $ | 31 |  | $ | 2,875 | ​ | $ | 3 | ​ | $ | 20 |  | $ | 2,200 | ​ | $ | 27 | ​ | $ | 4 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 15,256 | ​ | ​ | 32 | ​ | ​ | 602 | ​ | ​ | 15,864 | ​ | ​ | 115 | ​ | ​ | 467 | ​ | ​ | 12,633 | ​ | ​ | 58 | ​ | ​ | 592 | ​
Cross-currency interest rate contracts | ​ | ​ | 975 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 975 | ​ | ​ | 31 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 13,082 | ​ | ​ | 88 | ​ | ​ | 72 | ​ | ​ | 12,518 | ​ | ​ | 97 | ​ | ​ | 75 | ​ | ​ | 14,200 | ​ | ​ | 129 | ​ | ​ | 82 | ​
Foreign exchange contracts | ​ | ​ | 7,408 | ​ | ​ | 81 | ​ | ​ | 43 | ​ | ​ | 7,533 | ​ | ​ | 95 | ​ | ​ | 20 | ​ | ​ | 7,856 | ​ | ​ | 39 | ​ | ​ | 53 | ​
Cross-currency interest rate contracts | ​ | ​ | 164 | ​ | ​ | 14 | ​ | ​ | ​ | ​ | ​ | 158 | ​ | ​ | 16 | ​ | ​ | ​ | ​ | ​ | 189 | ​ | ​ | ​ | ​ | ​ | 13 | ​
​ 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 26, 2025 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Short-term borrowings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,110 | ​ | $ | (14) | ​
Long-term borrowings | ​ | $ | 15,515 | ​ | $ | (617) | ​ | ​ | 8,923 | ​ | ​ | (179) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
October 27, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 287 | ​ | $ | (1) | ​ | $ | 1,782 | ​ | $ | 7 | ​
Long-term borrowings | ​ | ​ | 16,125 | ​ | ​ | (347) | ​ | ​ | 8,626 | ​ | ​ | (228) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
January 28, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 288 | ​ | $ | (9) | ​ | $ | 1,960 | ​ | $ | 10 | ​
Long-term borrowings | ​ | ​ | 11,745 | ​ | ​ | (537) | ​ | ​ | 7,711 | ​ | ​ | (270) | ​
​ 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 26 | ​ | January 28 |
​ | ​ | 2025 | ​ | 2024 |
Fair value hedges: |  |  |  |  | ​ | ​ |
Interest rate contracts – Interest expense |  | $ | (343) | ​ | $ | 344 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax) |  | $ | 7 | ​ | $ | (8) | ​
Reclassified from OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense |  | ​ | 8 | ​ |  | 11 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense |  | $ | (4) | ​ | $ | (9) | ​
Foreign exchange contracts – Net sales | ​ | ​ | (7) | ​ | ​ | 5 | ​
Foreign exchange contracts – Cost of sales |  | ​ | 35 | ​ |  | (30) | ​
Foreign exchange contracts – Other operating expenses |  | ​ | 208 | ​ |  | (181) | ​
Total not designated | ​ | $ | 232 | ​ | $ | (215) | ​
​ 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 January 26, 2025, October 27, 2024, and January 28, 2024 was $707, $562, and $691, respectively. In accordance with the limits established in these agreements, we posted $436, $245, and $368 of cash collateral at January 26, 2025, October 27, 2024, and January 28, 2024, respectively. In addition, we paid $8 of collateral that was outstanding at January 26, 2025, October 27, 2024, and January 28, 2024 to participate in an international futures market to hedge currency exposure, not included in the following table. 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 |
January 26, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  | $ | 216 |  | $ | (62) |  | ​ | ​ |  | $ | 154 | ​
Liabilities | ​ | ​ | 750 | ​ | ​ | (62) | ​ | $ | (437) | ​ | ​ | 251 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
October 27, 2024 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Assets | ​ | $ | 357 |  | $ | (142) |  | ​ | ​ |  | $ | 215 | ​
Liabilities | ​ | ​ | 582 | ​ |  | (142) | ​ | $ | (246) | ​ | ​ | 194 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
January 28, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Assets | ​ | $ | 253 |  | $ | (112) |  | $ | (19) | ​ | $ | 122 | ​
Liabilities | ​ |  | 744 | ​ | ​ | (112) | ​ | ​ | (368) | ​ |  | 264 | ​
​

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