DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Feb. 01, 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.”


	February 1, 2026						November 2, 2025						January 26, 2025
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	3,875			$	27	$	2,675			$	21	$	3,275	$	1	$	31

Fair value hedges:
Interest rate contracts		10,659	$	130		203		11,465	$	160		228		15,256		32		602
Cross-currency interest rate contracts		2,058		132		13		2,058		91		11		975				2

Net investment hedges:
Cross-currency interest rate contracts		1,131				35		1,131				9

Not designated as hedging instruments:
Interest rate contracts		13,918		78		71		14,084		94		81		13,082		88		72
Foreign exchange contracts		7,984		7		232		7,372		46		33		7,408		81		43
Cross-currency interest rate contracts		133				12		132		2		6		164		14

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
February 1, 2026
Short-term borrowings	$	3,018	$	(26)
Long-term borrowings		24,231		(211)

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

January 26, 2025
Short-term borrowings	$	2,110	$	(14)
Long-term borrowings		24,438		(796)

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
	February 1		January 26
	2026		2025
Fair value hedges:
Interest rate contracts – Interest expense	$	(58)	$	(343)

Cash flow hedges:
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(2)	$	7
Reclassified from OCI:
Interest rate contracts – Interest expense		4		8

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

Not designated as hedges:
Interest rate contracts – Interest expense	$	(4)	$	(4)
Foreign exchange contracts – Net sales		5		(7)
Foreign exchange contracts – Cost of sales		(67)		35
Foreign exchange contracts – Other operating expenses		(279)		208
Total not designated	$	(345)	$	232

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
February 1, 2026
Assets	$	347	$	(170)			$	177
Liabilities		593		(170)	$	(75)		348

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

January 26, 2025
Assets	$	216	$	(62)			$	154
Liabilities		750		(62)	$	(437)		251