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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Oct. 27, 2024

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	​
Market/service-based RSUs	​	3 years	​	Not included	​

​

Share-based Compensation Expense, Recognized Income 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:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2024		​	2023		​	2022		​
Share-based compensation expense	​	$	208	​	$	130	​	$	85	​
Income tax benefits	​	​	34	​	​	21	​	​	17	​
Stock options and restricted stock units vested	​	​	110	​	​	84	​	​	74	​

​

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:

​

​	​	​	​	​	​	​	​
​		2024		2023		2022
Risk-free interest rate*		3.96%		2.68%		1.27%	​
Expected dividends	​	1.6%	​	1.1%	​	1.2%	​
Volatility*	​	27.0%	​	33.0%	​	32.0%	​
Expected term (in years)*		5.1		5.1		5.1	​

*    Weighted-averages

​

Stock Option Activity

The activity for outstanding stock options at October 27, 2024, and changes during 2024 follow:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​		​	​	​	​	Remaining	​	Aggregate
​	​	​	​	Exercise		​	Contractual	​	Intrinsic
​	​	Shares	​	Price*		​	Term	​	Value
​	​	(millions)		(per share)			(years)		(millions)
Outstanding at beginning of year		1.7	​	$	190.08	​	​	​	​	​	​
Granted		.2	​		377.01	​	​	​	​	​	​
Exercised		(.4)	​		102.85	​	​	​	​	​	​
Outstanding at end of year		1.5	​		242.41		5.04		$	249.1	​
Exercisable at end of year		1.1	​		197.53		3.96	​		239.6	​

*    Weighted-averages

​

Amounts Related to Stock Options

The amounts related to stock options were as follows in millions of dollars unless otherwise noted:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2024		​	2023		​	2022		​
Weighted-average grant date fair value (per share)	​	$	98.04	​	$	136.46	​	$	89.20	​
Intrinsic value of options exercised	​	​	125	​	​	153	​	​	169	​
Cash received from exercises	​	​	44	​	​	60	​	​	63	​
Tax benefit from exercises	​	​	27	​	​	34	​	​	39	​

​

Weighted-average Grant Date Fair Values

The weighted-average grant date fair values were as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2024		​	2023		​	2022		​
Service-based	​	$	377.72	​	$	428.35	​	$	347.59	​
Performance/service-based	​	​	360.53	​	​	424.93	​	​	331.47	​
Market/service-based	​	​	370.87	​	​	​	​	​	​	​

​

Restricted Stock Units Activity

Our RSUs at October 27, 2024 and changes during 2024 in thousands of shares and dollars per share follow:

​

​	​	​	​	​	​	​
​	​	​	​	Grant-Date
​	​	Shares	​	Fair Value* (per share)
Service-based:	​	​	​	​	​	​
Nonvested at beginning of year		310	​	$	348.82	​
Granted		383	​		377.72	​
Vested		(196)	​		330.73	​
Forfeited	​	(26)	​	​	375.41	​
Nonvested at end of year		471	​		378.39	​
Performance/service-based:	​	​	​	​	​	​
Nonvested at beginning of year		119	​		331.78	​
Granted		52	​		360.53	​
Vested		(88)	​		245.73	​
Performance change		44	​		245.73	​
Forfeited		(1)	​		360.53	​
Nonvested at end of year		126	​		373.35	​
Market/service-based:	​	​	​	​	​	​
Nonvested at beginning of year		​	​		​	​
Granted		52	​		370.87	​
Forfeited		(1)	​		370.87	​
Nonvested at end of year		51	​		370.87	​

*    Weighted-averages

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