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Stockholders' Equity, Comprehensive Income and Share-Based Compensation (Tables)
 12 Months Ended
Oct. 29, 2023
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income, Net of Tax
Changes in the components of accumulated other comprehensive income (AOCI), net of tax, were as follows:
Unrealized Gain (Loss) on Investments, NetUnrealized Gain (Loss) on Derivative Instruments Qualifying as Cash Flow HedgesDefined and Postretirement Benefit PlansCumulative Translation AdjustmentsTotal
(In millions)
Balance at October 25, 2020
$20 $(133)$(199)$13 (299)
Other comprehensive income (loss) before reclassifications(14)28 20 — 34 
Amounts reclassified out of AOCI(7)2 10 — 5 
Other comprehensive income (loss), net of tax(21)30 30 — 39 
Balance at October 31, 2021
$(1)$(103)$(169)$13 $(260)
Other comprehensive income (loss) before reclassifications(60)100 71 — 111 
Amounts reclassified out of AOCI(14)(49)10 — (53)
Other comprehensive income, net of tax(74)51 81 — 58 
Balance at October 30, 2022
$(75)$(52)$(88)$13 $(202)
Other comprehensive income (loss) before reclassifications16 (44)17 — (11)
Amounts reclassified out of AOCI9 (22)9 — (4)
Other comprehensive income (loss), net of tax25 (66)26 — (15)
Balance at October 29, 2023
$(50)$(118)$(62)$13 $(217)
Summary of Stock Repurchases
The following table summarizes our stock repurchases, including excise tax, for each fiscal year:
202320222021
 (In millions, except per share amounts)
Shares of common stock repurchased18 54 28 
Cost of stock repurchased$2,202 $6,103 $3,750 
Average price paid per share$123.63 $113.84 $134.03 
Effect of Share-Based Compensation on the Results of Operations by Expense Type
We recognized share-based compensation expense related to equity awards and ESPP shares. The effect of share-based compensation on the results of operations and the related tax benefits for each fiscal year were as follows:
 
202320222021
 (In millions)
Cost of products sold$180 $147 $118 
Research, development, and engineering179 151 129 
Marketing and selling55 49 43 
General and administrative76 66 56 
Total share-based compensation$490 $413 $346 
Income tax benefits recognized$63 $51 $43 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following tables summarize the assumptions used for the valuation of share-based awards for the periods presented:
202320222021
Service-Based Awards and the portion of Performance-Based Awards subject to performance goals:
Grant date market value
$104.22 - $143.97
$74.62 - $157.29
$74.37 - $143.05
Risk-free interest rate
3.64% - 5.48%
0.16% - 4.48%
0.04% - 0.82%
Dividend yield
0.70% - 3.59%
0.47% - 3.83%
0.20% - 3.09%
Fair value
$102.09 - $141.33
 $72.24 - $154.88
 $72.20 - $140.66
20232022
2021*
Portion of Performance-Based Awards subject to market goals:
Grant date market value$109.37
$146.49
$86.10 - $88.84
Risk-free interest rate4.10 %
0.87%
0.20% - 0.41%
Dividend yield0.95 %
0.66%
0.99% - 1.02%
Expected volatility52.38 %
47.35%
40.51% - 47.00%
Fair value$162.72
$210.69
$129.27 - $136.81
 ________________________
*Fiscal 2021 included both annual and non-recurring long-term Performance-Based Awards.
Restricted Stock Units and Restricted Stock Activity
A summary of the changes in restricted stock units, restricted stock, performance shares and performance units outstanding under our equity compensation plans is presented below:
SharesWeighted
Average
Grant Date
Fair Value		Weighted
Average
Remaining
Contractual Term		Aggregate
Intrinsic
Value
 (In millions, except per share amounts)
Non-vested restricted stock units, restricted stock, performance shares and performance units at October 25, 2020
15 $45.36 2.2 years$914 
Granted5 $92.04 
Vested(6)$43.11 
Canceled(1)$59.41 
Non-vested restricted stock units, restricted stock, performance shares and performance units at October 31, 2021
13 $63.29 2.2 years$1,752 
Granted4 $132.44 
Vested(5)$54.00 
Canceled(1)$82.54 
Non-vested restricted stock units, restricted stock, performance shares and performance units at October 30, 2022
11 $92.31 2.2 years$1,024 
Granted6 $104.00 
Vested(5)$72.49 
Canceled— $103.73 
Non-vested restricted stock units, restricted stock, performance shares and performance units at October 29, 2023
12 $106.24 2.4 years$1,524 
Non-vested restricted stock units, restricted stock, performance shares and performance units expected to vest11 $107.26 2.3 years$1,495 
Significant Valuation Assumptions in Relation to ESPP Underlying assumptions used in the model are outlined in the following table:
 
202320222021
ESPP:
Dividend yield0.98 %0.97 %0.72 %
Expected volatility39.4 %46.8 %41.3 %
Risk-free interest rate5.29 %2.24 %0.05 %
Expected life (in years)0.50.50.5
Weighted average estimated fair value$35.31$30.23$33.77