XML 111 R28.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
STOCKHOLDERS' EQUITY
 12 Months Ended
Oct. 31, 2019
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS EQUITY
19.   STOCKHOLDERS' EQUITY

Stock Repurchase Program

On May 28, 2015 we announced that our board of directors had approved a share repurchase program (the "2015 repurchase program"). The 2015 share repurchase program authorizes the purchase of up to $1.14 billion of our common stock at the company's discretion through and including November 1, 2018. The 2015 repurchase program did not require the company to acquire a specific number of shares and could have been suspended or discontinued at any time. During the year ended October 31, 2017, we repurchased and retired approximately 4.1 million shares for $194 million under this authorization. During the year ended October 31, 2018, we repurchased and retired approximately 6.4 million shares for $422 million under this authorization. As of October 31, 2018, we had remaining authorization to repurchase up to $188 million of our common stock under this program which expired on November 1, 2018.

On November 19, 2018 we announced that our board of directors had approved a new share repurchase program (the "2019 repurchase program") designed, among other things, to reduce or eliminate dilution resulting from issuance of stock under the company's employee equity incentive programs. The 2019 share repurchase program authorizes the purchase of up to $1.75 billion of our common stock at the company's discretion and has no fixed termination date. The 2019 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. During the year ended October 31, 2019, we repurchased and retired approximately 10.4 million shares for $723 million under this authorization. As of October 31, 2019, we had remaining authorization to repurchase up to $1.03 billion of our common stock under this program.


Cash Dividends on Shares of Common Stock

During the year ended October 31, 2019, cash dividends of 0.656 per share, or $206 million were declared and paid on the company's outstanding common stock. During the year ended October 31, 2018, cash dividends of 0.596 per share, or $191 million were declared and paid on the company's outstanding common stock. During the year ended October 31, 2017, cash dividends of 0.528 per share, or $170 million were declared and paid on the company's outstanding common stock.

On November 20, 2019 we declared a quarterly dividend of $0.18 per share of common stock, or approximately $56 million which will be paid on January 22, 2020 to shareholders of record as of the close of business on December 31, 2019. The timing and amounts of any future dividends are subject to determination and approval by our board of directors.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the components of our accumulated other comprehensive income (loss) as of October 31, 2019 and 2018, net of tax effect:

 
October 31,
 
2019
 
2018
 
(in millions)
Foreign currency translation, net of tax expense of $(5) and $(15) for 2019 and 2018, respectively
$
(204
)
 
(214
)
Unrealized losses (including prior service benefit) on defined benefit plans, net of tax benefit of $153 and $132 for 2019 and 2018, respectively
(306
)
 
(201
)
Unrealized gains (losses) on derivative instruments, net of tax benefit of $3 and $0 for 2019 and 2018, respectively
(4
)
 
7

Total accumulated other comprehensive loss
$
(514
)
 
$
(408
)

Changes in accumulated other comprehensive income (loss) by component and related tax effects for the years ended October 31, 2019 and 2018 were as follows (in millions):

 
 
 
 
Net defined benefit pension cost and post retirement plan costs
 
 
 
 
 
 
Foreign currency translation
 
Prior service credits
 
Actuarial Losses
 
Unrealized gains (losses) on derivatives
 
Total
 
 
(in millions)
As of October 31, 2017
 
$
(156
)
 
$
140

 
$
(328
)
 
$
(2
)
 
$
(346
)
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
 
(51
)
 
—

 
(49
)
 
7

 
(93
)
 
 
 
 
 
 
 
 
 
 
 
Amounts reclassified out of accumulated other comprehensive income (loss)
 
—

 
(8
)
 
39

 
4

 
35

 
 
 
 
 
 
 
 
 
 
 
Tax (expense) benefit
 
(7
)
 
2

 
3

 
(2
)
 
(4
)
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
 
(58
)
 
(6
)
 
(7
)
 
9

 
(62
)
 
 
 
 
 
 
 
 
 
 
 
As of October 31, 2018
 
$
(214
)
 
$
134

 
$
(335
)
 
$
7

 
$
(408
)
 
 
 
 
 
 
 
 
 
 
 
Impact of adoption of new guidance on tax effects in accumulated other comprehensive income (loss)
 
—

 
3

 
(9
)
 
(1
)
 
(7
)
 
 
 
 
 
 
 
 
 
 
 
As of November 1, 2018
 
(214
)
 
137

 
(344
)
 
6

 
(415
)
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
 
—

 
—

 
(157
)
 
(6
)
 
(163
)
 
 
 
 
 
 
 
 
 
 
 
Amounts reclassified out of accumulated other comprehensive income
 
—

 
(8
)
 
39

 
(8
)
 
23

 
 
 
 
 
 
 
 
 
 
 
Tax benefit
 
10

 
2

 
25

 
4

 
41

 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
 
10

 
(6
)
 
(93
)
 
(10
)
 
(99
)
 
 
 
 
 
 
 
 
 
 
 
As of October 31, 2019
 
$
(204
)
 
$
131

 
$
(437
)
 
$
(4
)
 
$
(514
)
 
 
 
 
 
 
 
 
 
 
 

Reclassifications out of accumulated other comprehensive income (loss) for the years ended October 31, 2019 and 2018 were as follows (in millions):
Details about Accumulated Other
Comprehensive Income components

Amounts Reclassified
from Other Comprehensive Income

Affected line item in
statement of operations


2019

2018









Unrealized gains and (losses) on derivatives

$
8


$
(4
)

Cost of products and interest expense


8


(4
)

Total before income tax


(2
)

1


(Provision)/benefit for income tax


6


(3
)

Total net of income tax
Net defined benefit pension cost and post retirement plan costs:













Actuarial net loss

(39
)

(39
)

Other (income) expense
Prior service benefit

8


8


Other (income) expense


(31
)

(31
)

Total before income tax


12


10


Benefit for income tax


(19
)

(21
)

Total net of income tax







Total reclassifications for the period

$
(13
)

$
(24
)



Amounts in parentheses indicate reductions to income and increases to other comprehensive income.

Reclassifications of prior service benefit and actuarial net loss in respect of retirement plans and post retirement pension plans are included in the computation of net periodic cost (see Note 14, "Retirement Plans and Post Retirement Pension Plans").