Stockholders' Equity, Comprehensive Income and Share-Based Compensation (Tables)

9 Months Ended

Jul. 28, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss), After-Tax Basis

Changes in the components of accumulated other comprehensive income (loss) (AOCI), net of tax, were as follows:

 

	Unrealized Gain (Loss) on Investments, Net		Unrealized Gain (Loss) on Derivative Instruments Qualifying as Cash Flow Hedges		Defined and Postretirement Benefit Plans		Cumulative Translation Adjustments		Total
	(in millions)
Balance as of October 29, 2023	$	(50)	$	(118)	$	(62)	$	13	$	(217)
Other comprehensive income (loss) before reclassifications	27		44		—		—		71
Amounts reclassified out of AOCI	9		—		(9)		—		—
Other comprehensive income (loss), net of tax	36		44		(9)		—		71
Balance as of July 28, 2024	$	(14)	$	(74)	$	(71)	$	13	$	(146)

	Unrealized Gain (Loss) on Investments, Net		Unrealized Gain (Loss) on Derivative Instruments Qualifying as Cash Flow Hedges		Defined and Postretirement Benefit Plans		Cumulative Translation Adjustments		Total
	(in millions)
Balance as of October 30, 2022	$	(75)	$	(52)	$	(88)	$	13	$	(202)
Other comprehensive income (loss) before reclassifications	16		(25)		—		—		(9)
Amounts reclassified out of AOCI	9		(21)		—		—		(12)
Other comprehensive income (loss), net of tax	25		(46)		—		—		(21)
Balance as of July 30, 2023	$	(50)	$	(98)	$	(88)	$	13	$	(223)

Schedule of Stock Repurchases

The following table summarizes our stock repurchases, including and excluding excise tax, for the three and nine months ended July 28, 2024 and July 30, 2023:

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
	(in millions, except per share amount)
Shares of common stock repurchased	4		4		13		13
Cost of stock repurchased (including excise tax)*	$	868	$	443	$	2,398	$	1,497
Average price paid per share (including excise tax)*	$	222.82	$	131.09	$	189.90	$	117.35
Cost of stock repurchased (excluding excise tax)	$	861	$	439	$	2,381	$	1,489
Average price paid per share (excluding excise tax)	$	221.27	$	129.86	$	188.60	$	116.70

(*) Stock repurchase amounts include the 1% surcharge on stock repurchases under the Inflation Reduction Act’s excise tax. This excise tax is recorded in equity and reduces the amount available under the repurchase program, as applicable.

Schedule of Effect of Share-Based Compensation on the Results of Operations

The effect of share-based compensation on the results of operations was as follows: 

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
	(In millions)
Cost of products sold	$	33	$	42	$	98	$	138
Research, development and engineering	53		42		163		137
Marketing and selling	17		13		53		42
General and administrative	29		17		122		58
Total share-based compensation	$	132	$	114	$	436	$	375

Schedule of Restricted Stock Units And Restricted Stock Activity

A summary of the changes in restricted stock units, restricted stock, performance share units and performance units outstanding under our equity compensation plans during the nine months ended July 28, 2024 is presented below:

	Shares	Weighted Average Grant Date Fair Value
	(In millions, except per share amounts)
Outstanding as of October 29, 2023	12	$	106.24
Granted	4	$	148.07
Vested	(4)	$	97.11
Canceled	(1)	$	119.91
Outstanding as of July 28, 2024	11	$	127.04

Schedule of Employee Stock Purchase Plan

Underlying assumptions used in the model are outlined in the following table:

	Nine Months Ended
	July 28, 2024	July 30, 2023
Dividend yield	0.76%	1.09%
Expected volatility	35.6%	43.3%
Risk-free interest rate	5.27%	5.14%
Expected life (in years)	0.5	0.5
Weighted average estimated fair value	$53.98	$32.47