v3.25.2
Financial Instruments
 9 Months Ended
Jul. 31, 2025
Investments, All Other Investments [Abstract]  
Financial Instruments Financial Instruments
Cash Equivalents and Available-for-Sale Debt Investments
Cash equivalents and available-for-sale debt investments were as follows:
 As of July 31, 2025As of October 31, 2024
 CostGross Unrealized Gains (Losses)Fair
Value		CostGross Unrealized Gains (Losses)Fair
Value
 In millions
Cash Equivalents      
Commercial paper$3 $— $3 $— $— $— 
Time deposits945 — 945 601 — 601 
Money market funds1,413 — 1,413 12,639 — 12,639 
Total cash equivalents2,361 — 2,361 13,240 — 13,240 
Available-for-sale Investments      
Debt Securities:
Asset-backed and mortgage-backed securities134 — 134 — — — 
Certificates of deposit16 — 16 — — — 
Corporate debt securities367 (1)366 — — — 
Commercial paper47 — 47 — — — 
U.S. government agency securities38 — 38 — — — 
U.S. government securities137 — 137 — — — 
Foreign bonds107 1 108 101 2 103 
Other debt securities44 3 47 8 6 14 
Total debt securities890 3 893 109 8 117 
Equity Securities:
Equity securities in public companies9 (3)6 — — — 
Mutual funds55 1 56 — — — 
Total equity securities64 (2)62 — — — 
Total available-for-sale investments954 1 955 109 8 117 
Total cash equivalents and available-for-sale investments$3,315 $1 $3,316 $13,349 $8 $13,357 
As of July 31, 2025 and October 31, 2024, the carrying amount of cash equivalents approximated fair value due to the short period of time to maturity. Time deposits were primarily issued by institutions outside the U.S. as of July 31, 2025 and October 31, 2024. The estimated fair value of the available-for-sale debt investments may not be representative of values that will be realized in the future.
Contractual maturities of investments in available-for-sale debt securities were as follows:
 As of July 31, 2025
 Amortized CostFair Value
 In millions
Due in one year$322 $322 
Due in one to five years454 453 
Due in more than five years114 118 
Total$890 $893 
Equity Investments
Non-marketable equity investments in privately held companies are included in Long-term financing receivables and other assets in the Condensed Consolidated Balance Sheets. These non-marketable equity investments are carried either at fair value or under measurement alternative. Measurement alternative equity investments are recorded at cost and measured at fair value when they are deemed to be impaired or when there is an adjustment from observable price changes.
The carrying amount of those non-marketable equity investments accounted for under the fair value option was $54 million and $88 million as of July 31, 2025 and October 31, 2024, respectively. For the nine months ended July 31, 2025, the Company recognized a total gain of $5 million on these investments, of which $4 million was unrealized and $1 million was realized. During the nine months ended July 31, 2025, the Company sold $38 million of these investments. For the three and nine months ended July 31, 2024, the Company recognized an unrealized gain of $7 million and an unrealized loss of $47 million on these investments. This amount is reflected in Interest and other, net in the Condensed Consolidated Statements of Earnings.
The carrying amount of those non-marketable equity investments accounted for under the measurement alternative was $252 million and $200 million as of July 31, 2025 and October 31, 2024, respectively. For the three months ended July 31, 2025 and 2024, the Company recognized unrealized gains of $1 million and $7 million, respectively, on these investments. For the nine months ended July 31, 2025, the Company recognized a loss of $1 million primarily resulting from an impairment on these investments. These amounts are reflected in Interest and other, net in the Condensed Consolidated Statements of Earnings.
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets
The gross notional and fair value of derivative instruments in the Condensed Consolidated Balance Sheets were as follows:
 As of July 31, 2025As of October 31, 2024
  Fair Value Fair Value
 Outstanding
Gross
Notional		Other
Current
Assets		Long-Term
Financing
Receivables
and Other
Assets		Other
Accrued
Liabilities		Long-Term
Other
Liabilities		Outstanding
Gross
Notional		Other
Current
Assets		Long-Term
Financing
Receivables
and Other
Assets		Other
Accrued
Liabilities		Long-Term
Other
Liabilities
 In millions
Derivatives Designated as Hedging Instruments
Fair Value Hedges:          
Interest rate contracts$3,100 $— $— $14 $58 $2,500 $— $— $58 $— 
Cash Flow Hedges:          
Foreign currency contracts7,601 51 25 142 79 7,809 107 59 31 25 
Net Investment Hedges:
Foreign currency contracts2,015 29 21 22 18 1,986 38 44 12 13 
Total derivatives designated as hedging instruments12,716 80 46 178 155 12,295 145 103 101 38 
Derivatives Not Designated as Hedging Instruments
Foreign currency contracts5,974 68 2 40 1 5,528 46 5 18 4 
Other derivatives141 1 — 1 — 147 — — 2 — 
Total derivatives not designated as hedging instruments6,115 69 2 41 1 5,675 46 5 20 4 
Total derivatives$18,831 $149 $48 $219 $156 $17,970 $191 $108 $121 $42 
Offsetting of Derivative Instruments
The Company recognizes all derivative instruments on a gross basis in the Condensed Consolidated Balance Sheets. The Company's derivative instruments are subject to master netting arrangements and collateral security arrangements. The Company does not offset the fair value of its derivative instruments against the fair value of cash collateral posted under
collateral security agreements. The information related to the potential effect of the Company's use of the master netting agreements and collateral security agreements were as follows:
 As of July 31, 2025
 In the Condensed Consolidated Balance Sheets 
 (i)(ii)(iii) = (i)–(ii)(iv)(v)(vi) = (iii)–(iv)–(v)
    Gross Amounts Not Offset 
 Gross
Amount
Recognized		Gross
Amount
Offset		Net Amount
Presented		DerivativesFinancial
Collateral		Net Amount
 In millions
Derivative assets$197 $— $197 $150 $7 
(1)
$40 
Derivative liabilities$375 $— $375 $150 $181 
(2)
$44 
 As of October 31, 2024
 In the Condensed Consolidated Balance Sheets 
 (i)(ii)(iii) = (i)–(ii)(iv)(v)(vi) = (iii)–(iv)–(v)
    Gross Amounts Not Offset 
 Gross
Amount
Recognized		Gross
Amount
Offset		Net Amount
Presented		DerivativesFinancial
Collateral		Net Amount
 In millions
Derivative assets$299 $— $299 $138 $90 
(1)
$71 
Derivative liabilities$163 $— $163 $138 $27 
(2)
N/A
(1)Represents the cash collateral posted by counterparties as of the respective reporting date for the Company's asset position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.
(2)Represents the collateral posted by the Company in cash or through the re-use of counterparty cash collateral as of the respective reporting date for the Company's liability position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date. As of July 31, 2025, of the $181 million of collateral posted, $174 million was in cash and $7 million was through the re-use of counterparty collateral. As of October 31, 2024, $27 million of collateral posted was entirely through the re-use of counterparty collateral.
The amounts recorded on the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges were as follows:
Carrying Amount of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
As ofAs of
July 31, 2025October 31, 2024July 31, 2025October 31, 2024
In millions
Notes payable and short-term borrowings$(2,486)$(2,440)$14 $58 
Long-term debt$(744)$— $3 $— 
The pre-tax effect of derivative instruments in cash flow and net investment hedging relationships recognized in Other Comprehensive Income (“OCI”) were as follows:
Gains (Losses) Recognized in OCI on Derivatives
For the three months ended July 31,For the nine months ended July 31,
2025202420252024
In millions
Derivatives in Cash Flow Hedging Relationship:
Foreign exchange contracts$6 $(34)$(189)$(69)
Derivatives in Net Investment Hedging Relationship:
Foreign exchange contracts(12)32 (33)13 
Total$(6)$(2)$(222)$(56)
As of July 31, 2025, the Company expects to reclassify an estimated net accumulated other comprehensive loss of approximately $63 million, net of taxes, to earnings in the next twelve months along with the earnings effects of the related forecasted transactions associated with cash flow hedges.
Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings
The following table represents the pre-tax effect of derivative instruments on total amounts of income and expense line items presented in the Condensed Consolidated Statements of Earnings in which the effects of fair value hedges and derivatives not designated as hedging instruments are recorded:
Gains (Losses) Recognized in Income
For the three months ended July 31,For the nine months ended July 31,
2025202420252024
Net RevenueInterest and Other, netNet RevenueInterest and Other, netNet RevenueInterest and Other, netNet RevenueInterest and Other, net
In millions
Total net revenue and interest and other, net$9,136 $8 $7,710 $(12)$24,617 $86 $21,669 $(122)
Gains (Losses) on Derivatives in Fair Value Hedging Relationships:
Interest Rate Contracts
Hedged items$— $(11)$— $(37)$— $(41)$— $(69)
Derivatives designated as hedging instruments— 11 — 37 — 41 — 69 
Gains (Losses) on Derivatives in Cash Flow Hedging Relationships:
Foreign Exchange Contracts
Amount of gains (losses) reclassified from accumulated other comprehensive income into income(66)11 37 (40)17 (102)83 (85)
Interest Rate Locks
Amount of losses reclassified from accumulated other comprehensive income into income— (1)— — — (2)— — 
Gains (Losses) on Derivatives not Designated as Hedging Instruments:
Foreign exchange contracts— 1 — 12 — (75)— 30 
Other derivatives— (2)— 5 — 2 — 4 
Total gains (losses)$(66)$9 $37 $(23)$17 $(177)$83 $(51)