STOCKHOLDERS' EQUITY (Notes)

6 Months Ended

Apr. 30, 2021

Stockholders' Equity Note [Abstract]

STOCKHOLDERS EQUITY

STOCKHOLDERS' EQUITY

Stock Repurchase Program

On November 19, 2018 we announced that our board of directors had approved a share repurchase program (the "2019 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2019 repurchase program authorizes the purchase of up to $1.75 billion of our common stock at the company's discretion and has no fixed termination date. The 2019 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. During the three and six months ended April 30, 2021, we repurchased and retired 164,422 shares for $21 million and 3.050

million shares for $365 million, respectively, under this authorization. During the three and six months ended April 30, 2020, we repurchased and retired 1.663 million shares for $126 million and 2.389 million shares for $186 million, respectively, under this authorization. Effective February 18, 2021, the 2019 repurchase program was terminated and replaced by the new share repurchase program. The remaining authorization under the 2019 repurchase plan of $193 million expired on February 18, 2021.

On February 16, 2021 we announced that our board of directors had approved a new share repurchase program (the "2021 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2021 repurchase program authorizes the purchase of up to $2.0 billion of our common stock at the company's discretion and has no fixed termination date. The 2021 repurchase program which became effective on February 18, 2021, replaced and terminated the 2019 repurchase program on that date. The 2021 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. During both the three and six months ended April 30, 2021, we repurchased and retired 1.388 million shares for $174 million under this authorization. As of April 30, 2021, we had remaining authorization to repurchase up to approximately $1.826 billion of our common stock under this program.

Cash Dividends on Shares of Common Stock

During the three and six months ended April 30, 2021, we paid cash dividends of $0.194 per common share or $59 million and $0.388 per common share or $118 million, respectively, on the company's common stock. During the three and six months ended April 30, 2020, we paid cash dividends of $0.180 per common share or $55 million and $0.360 per common share or $111 million on the company's common stock.

On May 19, 2021, our board of directors declared a quarterly dividend of $0.194 per share of common stock or approximately $59 million which will be paid on July 28, 2021 to all shareholders of record at the close of business on July 6, 2021. The timing and amounts of any future dividends are subject to determination and approval by our board of directors.

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) by component and related tax effects were as follows (in millions):

			Net defined benefit pension cost and post retirement plan costs
Three Months Ended April 30, 2021	Foreign currency translation		Prior service credits		Actuarial Losses		Unrealized gains (losses) on derivatives		Total
	(in millions)
As of January 31, 2021	$	(152)	$	125	$	(433)	$	(9)	$	(469)
Other comprehensive income (loss) before reclassifications	2		—		—		—		2
Amounts reclassified out of accumulated other comprehensive income (loss)	—		(1)		16		6		21
Tax (expense) benefit	—		—		(4)		(2)		(6)
Other comprehensive income (loss)	2		(1)		12		4		17
As of April 30, 2021	$	(150)	$	124	$	(421)	$	(5)	$	(452)
Six Months Ended April 30, 2021
As of October 31, 2020	$	(194)	$	125	$	(442)	$	(11)	$	(522)
Other comprehensive income (loss) before reclassifications	44		—		(3)		(6)		35
Amounts reclassified out of accumulated other comprehensive income (loss)	—		(1)		32		14		45
Tax (expense) benefit	—		—		(8)		(2)		(10)
Other comprehensive income (loss)	44		(1)		21		6		70
As of April 30, 2021	$	(150)	$	124	$	(421)	$	(5)	$	(452)

Reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended April 30, 2021 and 2020 were as follows (in millions):

Details about accumulated other comprehensive income (loss) components	Amounts Reclassified from other comprehensive income (loss)								Affected line item in statement of operations
	Three Months Ended				Six Months Ended
	April 30,				April 30,
	2021		2020		2021		2020
Unrealized gain (loss) on derivatives	$	(6)	$	2	$	(14)	$	2	Cost of products
	—		(1)		—		(1)		Interest expense
	(6)		1		(14)		1		Total before income tax
	2		—		4		—		Provision for income tax
	(4)		1		(10)		1		Total net of income tax
Net defined benefit pension cost and post retirement plan costs:
Actuarial net loss	(16)		(14)		(32)		(28)
Prior service benefit	1		2		1		4
	(15)		(12)		(31)		(24)		Total before income tax
	4		2		8		8		Benefit for income tax
	(11)		(10)		(23)		(16)		Total net of income tax
Total reclassifications for the period	$	(15)	$	(9)	$	(33)	$	(15)

Amounts in parentheses indicate reductions to income and increases to other comprehensive income (loss).

Reclassifications out of accumulated other comprehensive income (loss) of prior service benefit and actuarial net loss in respect of retirement plans and post retirement pension plans are included in the computation of net periodic cost (see Note 11, "Retirement Plans and Post Retirement Pension Plans").