DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Nov. 02, 2025

DERIVATIVE INSTRUMENTS

Fair Values of Derivative Instruments in Consolidated Balance Sheets

Fair values of our derivative instruments and the associated notional amounts at the end of 2025 and 2024 are presented below. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”

			Fair Value
	Notional		Assets		Liabilities
2025
Cash flow hedges:
Interest rate contracts	$	2,675			$	21
Fair value hedges:
Interest rate contracts		11,465	$	160		228
Cross-currency interest rate contracts		2,058		91		11
Net investment hedges:
Cross-currency interest rate contracts		1,131				9
Not designated as hedging instruments:
Interest rate contracts		14,084		94		81
Foreign exchange contracts		7,372		46		33
Cross-currency interest rate contracts		132		2		6
2024
Cash flow hedges:
Interest rate contracts	$	2,875	$	3	$	20
Fair value hedges:
Interest rate contracts		15,864		115		467
Cross-currency interest rate contracts		975		31
Not designated as hedging instruments:
Interest rate contracts		12,518		97		75
Foreign exchange contracts		7,533		95		20
Cross-currency interest rate contracts		158		16

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

The amounts recorded in the consolidated balance sheets at November 2, 2025, and October 27, 2024, 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		Cumulative
	Amount of		Fair Value
	Hedged		Hedging
	Items		Amounts
2025
Short-term borrowings	$	2,998	$	(30)
Long-term borrowings		25,013		(203)
2024
Short-term borrowings	$	2,069	$	6
Long-term borrowings		24,751		(575)

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:

	​2025		​2024		​2023
Fair value hedges
Interest rate contracts – Interest expense	$	103	$	226	$	(542)
Cash flow hedges
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	1	$	(10)	$	25
Reclassified from OCI:
Interest rate contracts – Interest expense		(21)		71		62
Net investment hedges
Interest rate contracts – Interest expense	$	10
Recognized in OCI:
Interest rate contracts – OCI (pretax)		(9)
Not designated as hedges
Interest rate contracts – Net sales					$	1
Interest rate contracts – Interest expense	$	(11)	$	(4)		40
Foreign exchange contracts – Net sales		(6)		(2)		(6)
Foreign exchange contracts – Cost of sales		(5)		10		8
Foreign exchange contracts – Other operating expenses		147		(135)		100
Total not designated	$	125	$	(131)	$	143

Impact on Derivative Assets and Liabilities Related to Netting Arrangements and Collateral

The impact on the derivative assets and liabilities related to netting arrangements and collateral at November 2, 2025, and October 27, 2024, follows:

	Gross Amounts		Netting				Net
	Recognized		Arrangements		Collateral		Amount
2025
Assets	$	393	$	(202)			$	191
Liabilities		389		(202)	$	(64)		123
2024
Assets	$	357	$	(142)			$	215
Liabilities		582		(142)	$	(246)		194