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Stockholders' Equity, Comprehensive Income and Share-Based Compensation (Tables) | 6 Months Ended
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Apr. 28, 2024
Equity [Abstract] |
Schedule of Components of Accumulated Other Comprehensive 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 | 13 |  |  | 37 |  |  | — |  |  | — |  |  | 50 |
Amounts reclassified out of AOCI | 5 |  |  | (1) |  |  | (9) |  |  | — |  |  | (5) |
Other comprehensive income (loss), net of tax | 18 |  |  | 36 |  |  | (9) |  |  | — |  |  | 45 |
Balance as of April 28, 2024 | $ | (32) |  |  | $ | (82) |  |  | $ | (71) |  |  | $ | 13 |  |  | $ | (172) |
| 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 | 20 |  |  | (37) |  |  | — |  |  | — |  |  | (17) |
Amounts reclassified out of AOCI | 8 |  |  | (24) |  |  | — |  |  | — |  |  | (16) |
Other comprehensive income (loss), net of tax | 28 |  |  | (61) |  |  | — |  |  | — |  |  | (33) |
Balance as of April 30, 2023 | $ | (47) |  |  | $ | (113) |  |  | $ | (88) |  |  | $ | 13 |  |  | $ | (235) |
Schedule of Stock Repurchases | The following table summarizes our stock repurchases, including and excluding excise tax, for the three and six months ended April 28, 2024 and April 30, 2023:
| Three Months Ended |  | Six Months Ended
| April 28, 2024 |  | April 30, 2023 |  | April 28, 2024 |  | April 30, 2023
| (in millions, except per share amount)
Shares of common stock repurchased | 4 |  |  | 7 |  |  | 9 |  |  | 9 |
Cost of stock repurchased (including excise tax)* | $ | 827 |  |  | $ | 804 |  |  | $ | 1,530 |  |  | $ | 1,054 |
Average price paid per share (including excise tax)* | $ | 199.59 |  |  | $ | 115.53 |  |  | $ | 175.23 |  |  | $ | 112.39 |
Cost of stock repurchased (excluding excise tax) | $ | 820 |  |  | $ | 800 |  |  | $ | 1,520 |  |  | $ | 1,050 |
Average price paid per share (excluding excise tax) | $ | 197.77 |  |  | $ | 114.94 |  |  | $ | 174.04 |  |  | $ | 111.96 |
(*) 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 |  | Six Months Ended
| April 28, 2024 |  | April 30, 2023 |  | April 28, 2024 |  | April 30, 2023
| (In millions)
Cost of products sold | $ | 33 |  |  | $ | 42 |  |  | $ | 65 |  |  | $ | 96 |
Research, development and engineering | 54 |  |  | 41 |  |  | 110 |  |  | 95 |
Marketing and selling | 18 |  |  | 12 |  |  | 36 |  |  | 29 |
General and administrative | 29 |  |  | 18 |  |  | 93 |  |  | 41 |
Total share-based compensation | $ | 134 |  |  | $ | 113 |  |  | $ | 304 |  |  | $ | 261 |
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 six months ended April 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 |  |  | $ | 146.05 |  |  |  |  |
Vested | (4) |  |  | $ | 96.54 |  |  |  |  |
Canceled | (1) |  |  | $ | 119.20 |  |  |  |  |
Outstanding as of April 28, 2024 | 11 |  |  | $ | 124.99 |  |  |  |  |
Schedule of Employee Stock Purchase Plan | Underlying assumptions used in the model are outlined in the following table:
| Three and Six Months Ended
| April 28, 2024 |  | April 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

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