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STOCKHOLDERS' EQUITY | 12 Months Ended
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Oct. 31, 2021
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS EQUITY | STOCKHOLDERS' EQUITY Stock Repurchase Program 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 10.4 million shares for $723 million under this authorization. During the year ended October 31, 2020, we repurchased and retired 5.2 million shares for $469 million under this authorization. During the year ended October 31, 2021, we repurchased and retired approximately 3.1 million shares for $365 million under this authorization. Effective February 18, 2021, the 2019 repurchase program was terminated and replaced by the new share repurchase program. The remaining authorization under the 2019 repurchase plan of $193 million expired on February 18, 2021. On February 16, 2021 we announced that our board of directors had approved a new share repurchase program (the "2021 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 2021 repurchase program authorizes the purchase of up to $2.0 billion of our common stock at the company's discretion and has no fixed termination date. The 2021 repurchase program which became effective on February 18, 2021, replaced and terminated the 2019 repurchase program on that date. The 2021 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, 2021, we repurchased and retired 3.0 million shares for $423 million under this authorization. As of October 31, 2021, we had remaining authorization to repurchase up to approximately $1.577 billion of our common stock under the 2021 repurchase program. Cash Dividends on Shares of Common Stock During the year ended October 31, 2021, cash dividends of 0.776 per share, or $236 million were declared and paid on the company's outstanding common stock. During the year ended October 31, 2020, cash dividends of 0.720 per share, or $222 million were declared and paid on the company's outstanding 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. On November 17, 2021 we declared a quarterly dividend of $0.21 per share of common stock, or approximately $63 million which will be paid on January 26, 2022 to shareholders of record as of the close of business on January 4, 2022. 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, 2021 and 2020, net of tax effect:
| October 31,
| 2021 |  | 2020
| (in millions)
Foreign currency translation, net of tax expense of $(8) and $(6) for 2021 and 2020, respectively | $ | (185) |  |  | (194) |
Unrealized losses (including prior service benefit) on defined benefit plans, net of tax benefit of $80 and $154 for 2021 and 2020, respectively | (100) |  |  | (317) |
Unrealized gains (losses) on derivative instruments, net of tax benefit of $1 and $6 for 2021 and 2020, respectively | 3 |  |  | (11) |
Total accumulated other comprehensive loss | $ | (282) |  |  | $ | (522) |
Changes in accumulated other comprehensive income (loss) by component and related tax effects for the years ended October 31, 2021 and 2020 were as follows:
|  |  |  |  |  | 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, 2019 |  |  |  | $ | (204) |  |  | $ | 131 |  |  | $ | (437) |  |  | $ | (4) |  |  | $ | (514) |
Other comprehensive income (loss) before reclassifications |  |  |  | 11 |  |  | — |  |  | (66) |  |  | (12) |  |  | (67) |
Amounts reclassified out of accumulated other comprehensive income (loss) |  |  |  | — |  |  | (7) |  |  | 61 |  |  | 2 |  |  | 56 |
Tax (expense) benefit |  |  |  | (1) |  |  | 1 |  |  | — |  |  | 3 |  |  | 3 |
Other comprehensive income (loss) |  |  |  | 10 |  |  | (6) |  |  | (5) |  |  | (7) |  |  | (8) |
As of October 31, 2020 |  |  |  | $ | (194) |  |  | $ | 125 |  |  | $ | (442) |  |  | $ | (11) |  |  | $ | (522) |
Other comprehensive income before reclassifications |  |  |  | 11 |  |  | — |  |  | 228 |  |  | 2 |  |  | 241 |
Amounts reclassified out of accumulated other comprehensive income (loss) |  |  |  | — |  |  | (1) |  |  | 64 |  |  | 17 |  |  | 80 |
Tax expense |  |  |  | (2) |  |  | — |  |  | (74) |  |  | (5) |  |  | (81) |
Other comprehensive income (loss) |  |  |  | 9 |  |  | (1) |  |  | 218 |  |  | 14 |  |  | 240 |
As of October 31, 2021 |  |  |  | $ | (185) |  |  | $ | 124 |  |  | $ | (224) |  |  | $ | 3 |  |  | $ | (282) |
Reclassifications out of accumulated other comprehensive income (loss) for the years ended October 31, 2021 and 2020 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
|  | 2021 |  | 2020 |  |
Unrealized losses on derivatives |  | $ | (17) |  |  | $ | (2) |  |  | Cost of products and interest expense
|  | (17) |  |  | (2) |  |  | Total before income tax
|  | 4 |  |  | — |  |  | Benefit for income tax
|  | (13) |  |  | (2) |  |  | Total net of income tax
Net defined benefit pension cost and post retirement plan costs: |  |  |  |  |  |
Actuarial net loss |  | (64) |  |  | (61) |  |  | Other (income) expense
Prior service benefit |  | 1 |  |  | 7 |  |  | Other (income) expense
|  | (63) |  |  | (54) |  |  | Total before income tax
|  | 15 |  |  | 16 |  |  | Benefit for income tax
|  | (48) |  |  | (38) |  |  | Total net of income tax
Total reclassifications for the period |  | $ | (61) |  |  | $ | (40) |  |  |
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 15, "Retirement Plans and Post Retirement Pension Plans").

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