DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Aug. 02, 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.”


	August 2, 2026						November 2, 2025						July 27, 2025
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	3,225	$	13	$	4	$	2,675			$	21	$	2,475			$	29

Fair value hedges:
Interest rate contracts		10,431		33		311		11,465	$	160		228		13,753	$	148		326
Cross-currency interest rate contracts		2,358		47		22		2,058		91		11		975		101

Net investment hedges:
Cross-currency interest rate contracts		1,131				8		1,131				9		1,131				30

Not designated as hedging instruments:
Interest rate contracts		14,841		85		44		14,084		94		81		15,170		92		74
Foreign exchange contracts		8,511		29		130		7,372		46		33		7,869		25		52
Cross-currency interest rate contracts		135				9		132		2		6		141		4		6

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
August 2, 2026
Short-term borrowings	$	2,846	$	(24)
Long-term borrowings		25,681		(493)

November 2, 2025
Short-term borrowings	$	2,998	$	(30)
Long-term borrowings		25,013		(203)

July 27, 2025
Short-term borrowings	$	2,361	$	(23)
Long-term borrowings		24,893		(271)

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				Nine Months Ended
	August 2		July 27		August 2		July 27
	2026		2025		2026		2025
Fair value hedges:
Interest rate contracts – Interest expense	$	(229)	$	(54)	$	(429)	$	38

Cash flow hedges:
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	15	$	7	$	30	$	3
Reclassified from OCI:
Interest rate contracts – Interest expense		(1)		(3)		1		5

Net investment hedges:
Interest rate contracts – Interest expense	$	5	$	4	$	14	$	5
Recognized in OCI:
Interest rate contracts – OCI (pretax)		9		(26)		(4)		(30)

Not designated as hedges:
Interest rate contracts – Interest expense	$	1	$	9	$	10	$	(7)
Foreign exchange contracts – Net sales		(5)		1		(1)		(2)
Foreign exchange contracts – Cost of sales		13		(21)		(82)		7
Foreign exchange contracts – Other operating expenses		135		(79)		(154)		11
Total not designated	$	144	$	(90)	$	(227)	$	9

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
August 2, 2026
Assets	$	207	$	(89)			$	118
Liabilities		528		(89)	$	(127)		312

November 2, 2025
Assets	$	393	$	(202)			$	191
Liabilities		389		(202)	$	(64)		123

July 27, 2025
Assets	$	370	$	(157)	$	(3)	$	210
Liabilities		517		(157)		(122)		238