DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

May 03, 2026

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.”


	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

Amounts Recorded in the Consolidated Balance Sheets Related to Borrowings and Fair Value Hedges

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)

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
	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

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
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