STOCKHOLDERS' EQUITY (Notes)

6 Months Ended

Apr. 30, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS EQUITY

STOCKHOLDERS' EQUITY

Stock Repurchase Program

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 and six months ended April 30, 2023, we repurchased and retired 162,399 shares for $24 million and 661,739 shares for $99 million, respectively, under this authorization. During the three and six months ended April 30, 2022, we repurchased and retired 1.751 million shares for $234 million and 4.658 million shares for $681 million, respectively, under this authorization. On March 1, 2023, the 2021 repurchase program was terminated and the remaining authorization of $339 million expired.

On January 9, 2023, we announced that our board of directors had approved a share repurchase program (the "2023 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 2023 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 2023 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. The 2023 repurchase program commenced on March 1, 2023, and also terminated and replaced the 2021 repurchase program. During both the three and six months ended April 30, 2023, we repurchased and retired 443,690 shares for $61 million under

this authorization. As of April 30, 2023, we had remaining authorization to repurchase up to approximately $1.939 billion of our common stock under the 2023 repurchase program.

Cash Dividends on Shares of Common Stock

During the three and six months ended April 30, 2023, we paid cash dividends of $0.225 per common share or $66 million and $0.450 per common share or $133 million, respectively, on the company's common stock. During the three and six months ended April 30, 2022, we paid cash dividends of $0.210 per common share or $63 million and $0.420 per common share or $126 million, respectively, on the company's common stock.

On May 17, 2023, our board of directors declared a quarterly dividend of $0.225 per share of common stock or approximately $66 million which will be paid on July 26, 2023 to all shareholders of record at the close of business on July 3, 2023. 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, 2023	Foreign currency translation		Prior service credits		Actuarial Losses		Unrealized gains (losses) on derivatives		Total
	(in millions)
As of January 31, 2023	$	(244)	$	123	$	(153)	$	(6)	$	(280)
Other comprehensive income (loss) before reclassifications	(13)		—		1		11		(1)
Amounts reclassified out of accumulated other comprehensive income (loss)	—		(1)		1		4		4
Tax expense	—		—		—		(5)		(5)
Other comprehensive income (loss)	(13)		(1)		2		10		(2)
As of April 30, 2023	$	(257)	$	122	$	(151)	$	4	$	(282)
Six Months Ended April 30, 2023
As of October 31, 2022	$	(335)	$	123	$	(155)	$	20	$	(347)
Other comprehensive income (loss) before reclassifications	77		—		4		(20)		61
Amounts reclassified out of accumulated other comprehensive income (loss)	—		(1)		—		(2)		(3)
Tax benefit	1		—		—		6		7
Other comprehensive income (loss)	78		(1)		4		(16)		65
As of April 30, 2023	$	(257)	$	122	$	(151)	$	4	$	(282)

Reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended April 30, 2023 and 2022 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,
	2023		2022		2023		2022
Unrealized gain (loss) on derivatives	$	(3)	$	5	$	3	$	8	Cost of products
Unrealized gain (loss) on derivatives	(1)		—		(1)		—		Interest expense
	(4)		5		2		8		Total before income tax
	1		(1)		(1)		(2)		(Provision) benefit for income tax
	(3)		4		1		6		Total net of income tax
Net defined benefit pension cost and post retirement plan costs:
Actuarial net gain (loss)	(1)		(6)		—		(12)		Other income (expense)
Prior service benefit	1		—		1		—		Other income (expense)
	—		(6)		1		(12)		Total before income tax
	—		2		(1)		3		(Provision) benefit for income tax
	—		(4)		—		(9)		Total net of income tax
Total reclassifications for the period	$	(3)	$	—	$	1	$	(3)

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

Reclassifications out of accumulated other comprehensive income (loss) of actuarial net gain (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").