DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Jan. 26, 2025

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 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

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 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)

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 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)

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
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