v3.25.2
Financial Instruments (Tables)
 9 Months Ended
Jul. 31, 2025
Investments, All Other Investments [Abstract]  
Cash Equivalents and Available-for-Sale 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 
Contractual Maturities of Investments in Available-for-Sale Debt Securities
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 
Gross Notional and 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 Assets 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.
Offsetting Liabilities 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, $27 million of collateral posted was entirely through the re-use of counterparty collateral.
Pre-tax Effect of Derivative Instruments and Related Hedged Items in a Fair Value Hedging Relationship
The amounts recorded on the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges were as follows:
Carrying Amount of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
As ofAs of
July 31, 2025October 31, 2024July 31, 2025October 31, 2024
In millions
Notes payable and short-term borrowings$(2,486)$(2,440)$14 $58 
Long-term debt$(744)$— $3 $— 
Pre-tax Effect of Derivative Instruments in Net Investment Hedging Relationships
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)
Pre-tax Effect of Derivative Instruments in Cash Flow Hedging Relationships
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)
Effect of Derivative Instruments on the Statement 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)