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STOCK OPTION AND RESTRICTED STOCK AWARDS (Tables)

12 Months Ended

Oct. 31, 2015

STOCK OPTION AND RESTRICTED STOCK AWARDS

Assumptions Used for the Binomial Lattice Model to Determine Fair Value of Options

The assumptions used for the binomial lattice model to determine the fair value of options follow:

		2015		2014		2013
Risk-free interest rate		.04% - 2.3%		.03% - 2.9%		.04% - 1.7%
Expected dividends		2.5%		2.3%		2.3%
Expected volatility		23.4% - 25.7%		25.9% - 32.0%		26.6% - 32.5%
Weighted-average volatility		25.6%		31.9%		32.4%
Expected term (in years)		7.2 - 8.2		7.3 - 7.4		7.3 - 7.9

Stock Option Activity

Stock option activity at October 31, 2015 and changes during 2015 in millions of dollars and shares follow:

							Remaining
							Contractual		Aggregate
				Exercise			Term		Intrinsic
		Shares		Price*			(Years)		Value
Outstanding at beginning of year		14.9		$	71.64
Granted		3.0			88.19
Exercised		(2.9)			58.65
Expired or forfeited		(.2)			87.44
Outstanding at end of year		14.8			77.39		6.21		$	94.5
Exercisable at end of year		9.3			72.78		5.19			84.8

* Weighted-averages

Nonvested Restricted Share Activity

The company’s nonvested restricted shares at October 31, 2015 and changes during 2015 in millions of shares follow:

				Grant-Date
		Shares		Fair Value*
Service based only
Nonvested at beginning of year		.3		$	83.00
Granted		.1			88.66
Vested		(.1)			76.37
Nonvested at end of year		.3			87.58
Performance/service and market/service based
Nonvested at beginning of year		.4		$	91.30
Granted		.1			97.88
Expired or forfeited		(.1)			93.31
Nonvested at end of year		.4			96.87

*  Weighted-averages

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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