STOCKHOLDERS' EQUITY (Notes)

3 Months Ended

Jan. 31, 2022

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 months ended January 31, 2021, we repurchased and retired 2.9 million shares for $344 million 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 the three months ended January 31, 2022, we repurchased and retired 2.9 million shares for $447 million under this authorization. As of January 31, 2022, we had remaining authorization to repurchase up to approximately $1.13 billion of our common stock under the 2021 repurchase program.

Cash Dividends on Shares of Common Stock

During the three months ended January 31, 2022, we paid cash dividends of $0.210 per common share or $63 million on the company's common stock. During the three months ended January 31, 2021, we paid cash dividends of $0.194 per common share or $59 million on the company's common stock. 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 January 31, 2022	Foreign currency translation		Prior service credits		Actuarial Losses		Unrealized gains (losses) on derivatives		Total
	(in millions)
As of October 31, 2021	$	(185)	$	124	$	(224)	$	3	$	(282)
Other comprehensive income (loss) before reclassifications	(27)		—		3		8		(16)
Amounts reclassified out of accumulated other comprehensive income (loss)	—		—		6		(3)		3
Tax expense	—		—		(2)		(1)		(3)
Other comprehensive income (loss)	(27)		—		7		4		(16)
As of January 31, 2022	$	(212)	$	124	$	(217)	$	7	$	(298)

Reclassifications out of accumulated other comprehensive income (loss) for the three months ended January 31, 2022 and 2021 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
	January 31,
	2022		2021
Unrealized gain (loss) on derivatives	$	3	$	(8)	Cost of products
	3		(8)		Total before income tax
	(1)		2		(Provision) benefit for income tax
	2		(6)		Total net of income tax
Net defined benefit pension cost and post retirement plan costs:
Actuarial net loss	(6)		(16)		Other income (expense)
Prior service benefit	—		—		Other income (expense)
	(6)		(16)		Total before income tax
	1		4		Benefit for income tax
	(5)		(12)		Total net of income tax
Total reclassifications for the period	$	(3)	$	(18)

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").