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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Apr. 27, 2025
DERIVATIVE INSTRUMENTS |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | Fair values of our derivative instruments and the associated notional amounts are presented below. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 27, 2025 | ​ | October 27, 2024 | ​ | April 28, 2024 |
​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value |
​ | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 2,975 | ​ | ​ | ​ | ​ | $ | 29 |  | $ | 2,875 | ​ | $ | 3 | ​ | $ | 20 |  | $ | 2,700 | ​ | $ | 34 | ​ | $ | 1 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 13,608 | ​ | $ | 169 | ​ | ​ | 372 | ​ | ​ | 15,864 | ​ | ​ | 115 | ​ | ​ | 467 | ​ | ​ | 13,664 | ​ | ​ | 8 | ​ | ​ | 884 | ​
Cross-currency interest rate contracts | ​ | ​ | 975 | ​ | ​ | 103 | ​ | ​ | ​ | ​ | ​ | 975 | ​ | ​ | 31 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cross-currency interest rate contracts | ​ | ​ | 1,131 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 14,254 | ​ | ​ | 112 | ​ | ​ | 100 | ​ | ​ | 12,518 | ​ | ​ | 97 | ​ | ​ | 75 | ​ | ​ | 12,869 | ​ | ​ | 112 | ​ | ​ | 71 | ​
Foreign exchange contracts | ​ | ​ | 8,078 | ​ | ​ | 42 | ​ | ​ | 107 | ​ | ​ | 7,533 | ​ | ​ | 95 | ​ | ​ | 20 | ​ | ​ | 7,582 | ​ |  | 36 | ​ |  | 38 | ​
Cross-currency interest rate contracts | ​ | ​ | 141 | ​ | ​ | 8 | ​ | ​ | 2 | ​ | ​ | 158 | ​ | ​ | 16 | ​ | ​ | ​ | ​ | ​ | 211 | ​ |  | 1 | ​ |  | 11 | ​
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 are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item. The carrying amount of the hedged item and formerly hedged item includes long-term borrowings of $399, $598, and $598 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively, that are in active hedging relationships and also had discontinued hedging relationships.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 27, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 107 | ​ | $ | (1) | ​ | $ | 1,212 | ​ | $ | (12) | ​
Long-term borrowings | ​ | ​ | 14,306 | ​ | ​ | (158) | ​ | ​ | 10,533 | ​ | ​ | (141) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
October 27, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 287 | ​ | $ | (1) | ​ | $ | 1,782 | ​ | $ | 7 | ​
Long-term borrowings | ​ | ​ | 16,125 | ​ | ​ | (347) | ​ | ​ | 8,626 | ​ | ​ | (228) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
April 28, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 286 | ​ | $ | (7) | ​ | $ | 2,565 | ​ | $ | 16 | ​
Long-term borrowings | ​ | ​ | 12,434 | ​ | ​ | (879) | ​ | ​ | 7,616 | ​ | ​ | (264) | ​
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 27 | ​ | April 28 | ​ | April 27 | ​ | April 28 |
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024 |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts – Interest expense |  | $ | 435 | ​ | $ | (448) |  | $ | 92 | ​ | $ | (104) | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax) | ​ | $ | (11) | ​ | $ | 26 | ​ | $ | (4) | ​ | $ | 18 | ​
Reclassified from OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense | ​ | ​ | ​ | ​ |  | 16 | ​ | ​ | 8 | ​ |  | 27 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense | ​ | $ | 1 | ​ | ​ | ​ | ​ | $ | 1 | ​ | ​ | ​ | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax) | ​ | ​ | (4) | ​ | ​ | ​ | ​ | ​ | (4) | ​ | ​ | ​ | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense |  | $ | (12) | ​ | $ | 7 |  | $ | (16) | ​ | $ | (2) | ​
Foreign exchange contracts – Net sales | ​ | ​ | 4 | ​ | ​ | (2) | ​ | ​ | (3) | ​ | ​ | 3 | ​
Foreign exchange contracts – Cost of sales | ​ | ​ | (7) | ​ |  | 9 | ​ | ​ | 28 | ​ | ​ | (21) | ​
Foreign exchange contracts – Other operating expenses | ​ | ​ | (118) | ​ |  | 46 | ​ | ​ | 90 | ​ |  | (135) | ​
Total not designated |  | $ | (133) | ​ | $ | 60 |  | $ | 99 | ​ | $ | (155) | ​
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 27, 2025 |  |  |  |  |  |  |  |  |  |  |  |  | ​
Assets |  | $ | 434 |  | $ | (166) |  | $ | (2) |  | $ | 266 | ​
Liabilities | ​ | ​ | 614 | ​ | ​ | (166) | ​ | ​ | (221) | ​ | ​ | 227 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
October 27, 2024 |  | ​ |  | ​ |  | ​ |  | ​ |
Assets | ​ | $ | 357 |  | $ | (142) |  | ​ | ​ |  | $ | 215 | ​
Liabilities | ​ | ​ | 582 | ​ |  | (142) | ​ | $ | (246) | ​ | ​ | 194 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
April 28, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Assets | ​ | $ | 191 |  | $ | (93) |  | ​ | ​ | ​ | $ | 98 | ​
Liabilities | ​ |  | 1,005 | ​ | ​ | (93) | ​ | $ | (562) | ​ |  | 350 | ​

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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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