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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Oct. 29, 2023
SHARE-BASED COMPENSATION |
Vesting Period and Dividend Equivalents Received Prior to Vesting | The stock awards vesting periods and the dividend equivalents earned during the vesting period follow: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Vesting | ​ | Dividend | ​
​ | ​ | Period | ​ | Equivalents | ​
Stock options | ​ | 1-3 years | ​ | Not included | ​
Service-based RSUs | ​ | 1-3 years | ​ | Included | ​
Performance/service-based RSUs | ​ | 3 years | ​ | Not included | ​
​
Share-based Compensation Expense, Recognized Tax Benefits, and Total Grant-date Fair Value | ​ The total share-based compensation expense, recognized income tax benefits, and total grant-date fair values of stock options and restricted stock units vested consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
Share-based compensation expense | ​ | $ | 130 | ​ | $ | 85 | ​ | $ | 82 | ​
Income tax benefits | ​ | ​ | 21 | ​ | ​ | 17 | ​ | ​ | 16 | ​
Stock options and restricted stock units vested | ​ | ​ | 84 | ​ | ​ | 74 | ​ | ​ | 93 | ​
​
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Risk-free interest rate* |  | 2.68% |  | 1.27% |  | .47% | ​
Expected dividends | ​ | 1.1% | ​ | 1.2% | ​ | 1.2% | ​
Volatility* | ​ | 33.0% | ​ | 32.0% | ​ | 31.0% | ​
Expected term (in years)* |  | 5.1 |  | 5.1 |  | 5.5 | ​
* Weighted-averages ​
Stock Option Activity | The activity for outstanding stock options at October 29, 2023, and changes during 2023 follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ | ​ | ​ | ​ | Remaining | ​ | Aggregate |
​ | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | Intrinsic |
​ | ​ | Shares | ​ | Price* | ​ | Term | ​ | Value |
​ | ​ | (millions) |  | (per share) |  | (years) |  | (millions) |
Outstanding at beginning of year |  | 2.0 | ​ | $ | 153.11 | ​ | ​ | ​ | ​ | ​ | ​
Granted |  | .2 | ​ |  | 438.44 | ​ | ​ | ​ | ​ | ​ | ​
Exercised |  | (.5) | ​ |  | 118.54 | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at end of year |  | 1.7 | ​ |  | 190.08 |  | 4.62 |  | $ | 302.3 | ​
Exercisable at end of year |  | 1.3 | ​ |  | 144.71 |  | 3.66 | ​ |  | 292.3 | ​
* Weighted-averages ​
Amounts Related to Stock Options | The amounts related to stock options were as follows in millions of dollars unless otherwise noted: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
Weighted-average grant date fair value (per share) | ​ | $ | 136.46 | ​ | $ | 89.20 | ​ | $ | 62.73 | ​
Intrinsic value of options exercised | ​ | ​ | 153 | ​ | ​ | 169 | ​ | ​ | 318 | ​
Cash received from exercises | ​ | ​ | 60 | ​ | ​ | 63 | ​ | ​ | 148 | ​
Tax benefit from exercises | ​ | ​ | 34 | ​ | ​ | 39 | ​ | ​ | 71 | ​
​
Weighted-average Grant Date Fair Values | The weighted-average grant date fair values were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
Service-based | ​ | $ | 428.35 | ​ | $ | 347.59 | ​ | $ | 258.86 | ​
Performance/service-based | ​ | ​ | 424.93 | ​ | ​ | 331.47 | ​ | ​ | 245.73 | ​
​
Restricted Stock Units Activity | Our restricted stock units at October 29, 2023 and changes during 2023 in dollars and thousands of shares follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Grant-Date |
​ | ​ | Shares | ​ | Fair Value* |
Service-based | ​ | ​ | ​ | ​ | ​ | ​
Nonvested at beginning of year |  | 404 | ​ | $ | 251.42 | ​
Granted |  | 126 | ​ |  | 428.35 | ​
Vested |  | (211) | ​ |  | 211.03 | ​
Forfeited | ​ | (9) | ​ | ​ | 333.29 | ​
Nonvested at end of year |  | 310 | ​ |  | 348.82 | ​
Performance/service based | ​ | ​ | ​ | ​ | ​ | ​
Nonvested at beginning of year |  | 143 | ​ |  | 227.70 | ​
Granted |  | 41 | ​ |  | 424.93 | ​
Vested |  | (130) | ​ |  | 160.81 | ​
Performance change |  | 65 | ​ |  | 160.81 | ​
Nonvested at end of year |  | 119 | ​ |  | 331.78 | ​
* Weighted-averages

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