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SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Nov. 02, 2025
SHARE-BASED COMPENSATION  
Vesting Period and Dividend Equivalents Earned During Vesting Period The stock awards vesting periods and the dividend equivalents earned during the vesting period follow:

Vesting

Dividend

Period

Equivalents

Stock options

1-3 years

Not included

Service-based RSUs

1-3 years

Included

Performance/service-based RSUs

3 years

Not included

Market/service-based RSUs

3 years

Not included

Monte Carlo Valuation Model Assumptions Used to Determine Fair Value of Market/Service-based RSUs

The assumptions used in determining the fair value of the market/service-based RSUs granted in 2025 and 2024 using the Monte Carlo valuation model follow:

2025

2024

Expected volatility of the Company's stock

28.22%

27.93%

Risk-free interest rate

4.05%

4.17%

Share-based Compensation Expense, Recognized Income Tax Benefits, and Total Grant-date Fair Value

The total share-based compensation expense, recognized income tax benefits, and total grant-date fair values of stock options and restricted stock units vested consisted of the following:

2025

2024

2023

Share-based compensation expense

$

151

$

208

$

130

Income tax benefits

34

34

21

Stock options and restricted stock units vested

174

110

84

Binomial Lattice Model Assumptions Used to Determine Fair Value of Options The assumptions used for the binomial lattice model to determine the fair value of options follow:

 

2025

 

2024

 

2023

 

Risk-free interest rate*

 

4.09%

 

3.96%

 

2.68%

Expected dividends

1.4%

1.6%

1.1%

Volatility*

26.0%

27.0%

33.0%

Expected term (in years)*

 

5.2

 

5.1

 

5.1

*    Weighted-averages

Outstanding Stock Option Activity

The activity for outstanding stock options at November 2, 2025, and changes during 2025 follow:

  ​

Remaining

Aggregate

 

Exercise

Contractual

Intrinsic

 

Shares

Price*

Term

Value

 

(thousands)

 

(per share)

 

(years)

 

(millions)

 

Outstanding at beginning of year

 

1,476

$

242.41

Granted

 

169

 

448.18

Exercised

 

(530)

 

145.40

Forfeited

 

(3)

 

428.60

Outstanding at end of year

 

1,112

 

319.44

 

5.75

 

$

158.1

Exercisable at end of year

 

789

 

277.80

 

4.50

 

145.1

*    Weighted-averages

Amounts Related to Stock Options

The amounts related to stock options were as follows in millions of U.S. dollars unless otherwise noted:

2025

2024

2023

Weighted-average grant date fair value (per share)

$

116.35

$

98.04

$

136.46

Intrinsic value of options exercised

165

125

153

Cash received from exercises

77

44

60

Tax benefit from exercises

35

27

34

Restricted Stock Units Weighted-average Grant Date Fair Values

The weighted-average grant date fair values were as follows:

2025

2024

2023

Service-based

$

448.69

$

377.72

$

428.35

Performance/service-based

429.77

360.53

424.93

Market/service-based

591.13

370.87

Nonvested Restricted Stock Units Activity

Our nonvested RSUs at November 2, 2025, and changes during 2025 follow:

Grant-Date

 

Shares

(thousands)

Fair Value*

(per share)

 

Service-based:

Nonvested at beginning of year

 

471

$

378.39

Granted

 

308

 

448.69

Vested

 

(351)

 

389.61

Forfeited

(15)

418.74

Nonvested at end of year

 

413

 

419.87

Performance/service-based:

Nonvested at beginning of year

 

126

 

373.35

Granted

 

40

 

429.77

Vested

 

(26)

 

331.47

Performance change

 

(9)

 

331.47

Forfeited

 

(1)

 

401.55

Nonvested at end of year

 

130

 

401.48

Market/service-based:

Nonvested at beginning of year

 

51

 

370.87

Granted

 

40

 

591.13

Forfeited

 

(1)

 

501.36

Nonvested at end of year

 

90

 

467.46

*    Weighted-averages