v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
9 Months Ended
Aug. 02, 2026
DERIVATIVE INSTRUMENTS  
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

​