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DERIVATIVE INSTRUMENTS | 6 Months Ended
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May 03, 2026
DERIVATIVE INSTRUMENTS |
DERIVATIVE INSTRUMENTS | (19) Derivative Instruments 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.”
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 3, 2026 | ​ | November 2, 2025 | ​ | April 27, 2025 |
​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value | ​ | ​ | ​ | Fair Value |
​ | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | Notional | ​ | Assets | ​ | Liabilities |
Cash flow hedges: |  |  | ​ ​ ​ ​ ​ ​ ​ |  |  | ​ ​ ​ ​ ​ ​ ​ |  |  | ​ ​ ​ ​ ​ ​ ​ | ​ |  | ​ ​ ​ ​ ​ ​ ​ |  |  | ​ ​ ​ ​ ​ ​ ​ |  |  | ​ ​ ​ ​ ​ ​ ​ | ​ |  | ​ ​ ​ ​ ​ ​ ​ |  |  | ​ ​ ​ ​ ​ ​ ​ |  |  | ​ ​ ​ ​ ​ ​ ​ |
Interest rate contracts |  | $ | 3,525 | ​ | $ | 7 | ​ | $ | 17 |  | $ | 2,675 | ​ | ​ | ​ | ​ | $ | 21 |  | $ | 2,975 | ​ | ​ | ​ | ​ | $ | 29 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 11,720 | ​ | ​ | 64 | ​ | ​ | 243 | ​ | ​ | 11,465 | ​ | $ | 160 | ​ | ​ | 228 | ​ | ​ | 13,608 | ​ | $ | 169 | ​ | ​ | 372 | ​
Cross-currency interest rate contracts | ​ | ​ | 2,058 | ​ | ​ | 101 | ​ | ​ | 23 | ​ | ​ | 2,058 | ​ | ​ | 91 | ​ | ​ | 11 | ​ | ​ | 975 | ​ | ​ | 103 | ​ | ​ | ​ | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cross-currency interest rate contracts | ​ | ​ | 1,131 | ​ | ​ | ​ | ​ | ​ | 22 | ​ | ​ | 1,131 | ​ | ​ | ​ | ​ | ​ | 9 | ​ | ​ | 1,131 | ​ | ​ | ​ | ​ | ​ | 4 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts | ​ | ​ | 14,785 | ​ | ​ | 88 | ​ | ​ | 48 | ​ | ​ | 14,084 | ​ | ​ | 94 | ​ | ​ | 81 | ​ | ​ | 14,254 | ​ | ​ | 112 | ​ | ​ | 100 | ​
Foreign exchange contracts | ​ | ​ | 8,993 | ​ | ​ | 10 | ​ | ​ | 175 | ​ | ​ | 7,372 | ​ | ​ | 46 | ​ | ​ | 33 | ​ | ​ | 8,078 | ​ |  | 42 | ​ |  | 107 | ​
Cross-currency interest rate contracts | ​ | ​ | 120 | ​ | ​ | ​ | ​ | ​ | 10 | ​ | ​ | 132 | ​ | ​ | 2 | ​ | ​ | 6 | ​ | ​ | 141 | ​ |  | 8 | ​ |  | 2 | ​
​ The amounts recorded in the condensed consolidated balance sheets related to borrowings and fair value hedges are presented in the table below. Fair value hedging adjustments are included in the carrying amount of hedged items.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Amount | ​ | Cumulative Fair Value | ​
​ | ​ | of Hedged Items | ​ | Hedging Amounts | ​
May 3, 2026 | ​ | ​ ​ | ​ ​ ​ ​ ​ ​ ​ | ​ | ​ ​ | ​ ​ ​ ​ ​ ​ ​ | ​
Short-term borrowings | ​ | $ | 3,886 | ​ | $ | (39) | ​
Long-term borrowings | ​ | ​ | 25,001 | ​ | ​ | (297) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
November 2, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 2,998 | ​ | $ | (30) | ​
Long-term borrowings | ​ | ​ | 25,013 | ​ | ​ | (203) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
April 27, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 1,319 | ​ | $ | (13) | ​
Long-term borrowings | ​ | ​ | 24,839 | ​ | ​ | (299) | ​
​ The table above includes carrying amounts of short-term borrowings of $3,534, $2,544, and $1,212 and of long-term borrowings of $11,704, $11,963, and $10,533 at May 3, 2026, November 2, 2025, and April 27, 2025, respectively, for hedged items that are in discontinued hedge relationships. Also included are cumulative fair value hedging amounts on discontinued hedge relationships of short-term borrowings of ($39), ($30), and ($12) and of long-term borrowings of ($120), ($185), and ($141) at May 3, 2026, November 2, 2025, and April 27, 2025, respectively. At April 27, 2025, long-term borrowings with a carrying amount of $399 were in both active and discontinued hedging relationships as a result of hedging activities associated with reference rate reform. 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 |
​ | ​ | May 3 | ​ | April 27 | ​ | May 3 | ​ | April 27 |
​ | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025 |
Fair value hedges: |  | ​ ​ | ​ ​ ​ ​ ​ ​ ​ | ​ | ​ ​ | ​ ​ ​ ​ ​ ​ ​ | ​ | ​ ​ | ​ ​ ​ ​ ​ ​ ​ | ​ | ​ ​ | ​ ​ ​ ​ ​ ​ ​ |
Interest rate contracts – Interest expense |  | $ | (142) | ​ | $ | 435 |  | $ | (200) | ​ | $ | 92 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax) | ​ | $ | 17 | ​ | $ | (11) | ​ | $ | 15 | ​ | $ | (4) | ​
Reclassified from OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense | ​ | ​ | (2) | ​ |  | ​ | ​ | ​ | 2 | ​ |  | 8 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense | ​ | $ | 5 | ​ | $ | 1 | ​ | $ | 9 | ​ | $ | 1 | ​
Recognized in OCI: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – OCI (pretax) | ​ | ​ | 17 | ​ | ​ | (4) | ​ | ​ | (13) | ​ | ​ | (4) | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Not designated as hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate contracts – Interest expense |  | $ | 13 | ​ | $ | (12) |  | $ | 9 | ​ | $ | (16) | ​
Foreign exchange contracts – Net sales | ​ | ​ | (1) | ​ | ​ | 4 | ​ | ​ | 4 | ​ | ​ | (3) | ​
Foreign exchange contracts – Cost of sales | ​ | ​ | (28) | ​ |  | (7) | ​ | ​ | (95) | ​ | ​ | 28 | ​
Foreign exchange contracts – Other operating expenses | ​ | ​ | (10) | ​ |  | (118) | ​ | ​ | (289) | ​ |  | 90 | ​
Total not designated |  | $ | (26) | ​ | $ | (133) |  | $ | (371) | ​ | $ | 99 | ​
​ 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 May 3, 2026, November 2, 2025, and April 27, 2025, was $362, $356, and $507, respectively. In accordance with the limits established in these agreements, we posted $73, $62, and $221 of cash collateral at May 3, 2026, November 2, 2025, and April 27, 2025, respectively. In addition, we paid $8 of collateral that was outstanding at May 3, 2026, November 2, 2025, and April 27, 2025, 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 |
May 3, 2026 | ​ ​ | ​ | ​ ​ ​ ​ ​ ​ ​ | ​ ​ | ​ | ​ ​ ​ ​ ​ ​ ​ | ​ ​ | ​ | ​ ​ ​ ​ ​ ​ ​ | ​ ​ | ​ | ​ ​ ​ ​ ​ ​ ​ | ​
Assets |  | $ | 270 |  | $ | (111) |  | $ | (1) |  | $ | 158 | ​
Liabilities | ​ | ​ | 538 | ​ | ​ | (111) | ​ | ​ | (73) | ​ | ​ | 354 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
November 2, 2025 | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ |
Assets | ​ | $ | 393 |  | $ | (202) |  | ​ | ​ |  | $ | 191 | ​
Liabilities | ​ | ​ | 389 | ​ |  | (202) | ​ | $ | (64) | ​ | ​ | 123 | ​
​ | ​ ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
April 27, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Assets | ​ | $ | 434 |  | $ | (166) |  | $ | (2) | ​ | $ | 266 | ​
Liabilities | ​ |  | 614 | ​ | ​ | (166) | ​ | ​ | (221) | ​ |  | 227 | ​
​

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