OTHER COMPREHENSIVE INCOME ITEMS (Tables)

9 Months Ended

Jul. 30, 2023

OTHER COMPREHENSIVE INCOME ITEMS

Schedule of After-Tax Components of Accumulated Other Comprehensive Income (Loss)

The after-tax components of accumulated other comprehensive income (loss) in millions of dollars follow:


		July 30			October 30			July 31
		2023			2022			2022
Retirement benefits adjustment		$	(656)		$	(389)		$	(1,171)
Cumulative translation adjustment			(1,669)			(2,594)			(2,262)
Unrealized gain (loss) on derivatives			(5)			21			(1)
Unrealized gain (loss) on debt securities			(81)			(94)			(42)
Total accumulated other comprehensive income (loss)		$	(2,411)		$	(3,056)		$	(3,476)

Schedule of Amounts Recorded in and Reclassifications out of Other Comprehensive Income (Loss) and the Income Tax Effects

Following are amounts recorded in and reclassifications out of other comprehensive income (loss), and the income tax effects, in millions of dollars. Retirement benefits adjustment reclassifications for actuarial (gain) loss, prior service (credit) cost, and settlements are included in net periodic pension and other postretirement benefit costs (see Note 6).


		Before			Tax			After
		Tax			(Expense)			Tax
Three Months Ended July 30, 2023		Amount			Credit			Amount
Cumulative translation adjustment		$	143		$	1		$	144
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)			24			(5)			19
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense			(18)			4			(14)
Net unrealized gain (loss) on derivatives			6			(1)			5
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)			(16)			3			(13)
Net unrealized gain (loss) on debt securities			(16)			3			(13)
Retirement benefits adjustment:
Net actuarial gain (loss)			(1)						(1)
Reclassification of amortized amounts:
Actuarial (gain) loss – Other operating expenses			(20)			5			(15)
Prior service (credit) cost – Other operating expenses			9			(2)			7
Net unrealized gain (loss) on retirement benefits adjustment			(12)			3			(9)
Total other comprehensive income (loss)		$	121		$	6		$	127


		Before			Tax			After
		Tax			(Expense)			Tax
Nine Months Ended July 30, 2023		Amount			Credit			Amount
Cumulative translation adjustment		$	914		$	11		$	925
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)			19			(4)			15
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense			(52)			11			(41)
Net unrealized gain (loss) on derivatives			(33)			7			(26)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)			17			(4)			13
Net unrealized gain (loss) on debt securities			17			(4)			13
Retirement benefits adjustment:
Net actuarial gain (loss)			(351)			83			(268)
Reclassification of amortized amounts:
Actuarial (gain) loss – Other operating expenses			(61)			15			(46)
Prior service (credit) cost – Other operating expenses			28			(7)			21
Settlements – Other operating expenses			36			(10)			26
Net unrealized gain (loss) on retirement benefits adjustment			(348)			81			(267)
Total other comprehensive income (loss)		$	550		$	95		$	645


		Before			Tax			After
		Tax			(Expense)			Tax
Three Months Ended July 31, 2022		Amount			Credit			Amount
Cumulative translation adjustment		$	(267)		$	(2)		$	(269)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)			1						1
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense			(3)			1			(2)
Net unrealized gain (loss) on derivatives			(2)			1			(1)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)			6			(1)			5
Reclassification of realized (gain) loss – Other income			1						1
Net unrealized gain (loss) on debt securities			7			(1)			6
Retirement benefits adjustment:
Net actuarial gain (loss)			34			(9)			25
Reclassification of amortized amounts:
Actuarial (gain) loss – Other operating expenses			27			(7)			20
Prior service (credit) cost – Other operating expenses			8			(2)			6
Settlements/curtailment – Other operating expenses			36			(8)			28
Net unrealized gain (loss) on retirement benefits adjustment			105			(26)			79
Total other comprehensive income (loss)		$	(157)		$	(28)		$	(185)


		Before			Tax			After
		Tax			(Expense)			Tax
Nine Months Ended July 31, 2022		Amount			Credit			Amount
Cumulative translation adjustment		$	(774)		$	(10)		$	(784)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)			52			(11)			41
Net unrealized gain (loss) on derivatives			52			(11)			41
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)			(74)			16			(58)
Reclassification of realized (gain) loss – Other income			1						1
Net unrealized gain (loss) on debt securities			(73)			16			(57)
Retirement benefits adjustment:
Net actuarial gain (loss) and prior service credit (cost)			(338)			81			(257)
Reclassification of amortized amounts:
Actuarial (gain) loss – Other operating expenses			94			(24)			70
Prior service (credit) cost – Other operating expenses			22			(6)			16
Settlements/curtailment – Other operating expenses			44			(10)			34
Net unrealized gain (loss) on retirement benefits adjustment			(178)			41			(137)
Total other comprehensive income (loss)		$	(973)		$	36		$	(937)