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STOCK OPTION AND RESTRICTED STOCK AWARDS (Tables) | 12 Months Ended
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Oct. 31, 2016
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:
|  | 2016 |  | 2015 |  | 2014 |
Risk-free interest rate |  | .23% - 2.3% |  | .04% - 2.3% |  | .03% - 2.9% |
Expected dividends |  | 2.8% |  | 2.5% |  | 2.3% |
Expected volatility |  | 25.2% - 29.0% |  | 23.4% - 25.7% |  | 25.9% - 32.0% |
Weighted-average volatility |  | 26.5% |  | 25.6% |  | 31.9% |
Expected term (in years) |  | 7.0 - 8.6 |  | 7.2 - 8.2 |  | 7.3 - 7.4 |
Stock Option Activity | Stock option activity at October 31, 2016 and changes during 2016 in millions of dollars and shares follow:
|  |  |  |  |  |  | Remaining |  |  |  |
|  |  |  |  |  |  | Contractual |  | Aggregate |
|  |  |  | Exercise |  | Term |  | Intrinsic |
|  | Shares |  | Price* |  | (Years) |  | Value |
Outstanding at beginning of year |  | 14.8 |  | $ | 77.39 |  |  |  |  |  |
Granted |  | 3.5 |  |  | 79.24 |  |  |  |  |  |
Exercised |  | (.7) |  |  | 51.98 |  |  |  |  |  |
Expired or forfeited |  | (.1) |  |  | 82.95 |  |  |  |  |  |
Outstanding at end of year |  | 17.5 |  |  | 78.73 |  | 6.10 |  | $ | 153.0 |
Exercisable at end of year |  | 11.8 |  |  | 76.75 |  | 4.90 |  |  | 126.6 |
* Weighted-averages
Nonvested Restricted Share Activity | The company’s nonvested restricted shares at October 31, 2016 and changes during 2016 in millions of shares follow:
|  |  |  | Grant-Date |
|  | Shares |  | Fair Value* |
Service based only |  |  |  |  |  |
Nonvested at beginning of year |  | .3 |  | $ | 87.58 |
Granted |  | .1 |  |  | 79.84 |
Vested |  | (.1) |  |  | 87.12 |
Nonvested at end of year |  | .3 |  |  | 84.86 |
Performance/service and market/service based |  |  |  |  |  |
Nonvested at beginning of year |  | .4 |  | $ | 96.87 |
Granted |  | .1 |  |  | 88.30 |
Expired or forfeited |  | (.1) |  |  | 93.69 |
Nonvested at end of year |  | .4 |  |  | 94.88 |
* Weighted-averages

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- Definition 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 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition 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. + References No definition available. + Details
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