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INCOME TAXES (Tables) | 12 Months Ended
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Oct. 31, 2023
Income Tax Disclosure [Abstract] |
Domestic and Foreign Components of Income before Taxes | The domestic and foreign components of income before taxes are:
| Years Ended October 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
U.S. operations | $ | 614 |  |  | $ | 858 |  |  | $ | 876 |
Non-U.S. operations | 725 |  |  | 646 |  |  | 484 |
Total income before taxes | $ | 1,339 |  |  | $ | 1,504 |  |  | $ | 1,360 |
Provision for income taxes | The provision for income taxes is comprised of:
| Years Ended October 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
U.S. federal taxes: |  |  |  |  |
Current | $ | 117 |  |  | $ | 173 |  |  | $ | 122 |
Deferred | (84) |  |  | (28) |  |  | (1) |
Non-U.S. taxes: |  |  |  |  |
Current | 26 |  |  | 47 |  |  | (3) |
Deferred | 38 |  |  | 35 |  |  | 14 |
State taxes, net of federal benefit: |  |  |  |  |
Current | 12 |  |  | 22 |  |  | 17 |
Deferred | (10) |  |  | 1 |  |  | 1 |
Total provision for income taxes | $ | 99 |  |  | $ | 250 |  |  | $ | 150 |
Tax rate reconciliation, U.S. federal statutory rate to effective tax rate from operations | The differences between the U.S. federal statutory income tax rate and our effective tax rate are:
| Years Ended October 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Profit before tax times statutory rate | $ | 281 |  |  | $ | 316 |  |  | $ | 286 |
State income taxes, net of federal benefit | 2 |  |  | 23 |  |  | 18 |
Non-U.S. income taxed at different rates | 20 |  |  | (18) |  |  | 5 |
Change in unrecognized tax benefits | (35) |  |  | (6) |  |  | (84) |
Foreign-derived intangible income deduction | (41) |  |  | (46) |  |  | (35) |
Realized loss on divestiture of business | (104) |  |  | — |  |  | — |
Excess tax benefits from stock-based compensation | (14) |  |  | (19) |  |  | (29) |
Other, net | (10) |  |  | — |  |  | (11) |
Provision (benefit) for income taxes | $ | 99 |  |  | $ | 250 |  |  | $ | 150 |
Effective tax rate | 7.4 | % |  | 16.6 | % |  | 11.0 | %
Significant components of deferred tax assets and deferred tax liabilities | The significant components of deferred tax assets and deferred tax liabilities included on the consolidated balance sheet are:
| Years Ended October 31,
| 2023 |  | 2022
| (in millions)
Deferred Tax Assets |  |  |
Intangibles | $ | 102 |  |  | $ | 62 |
Employee benefits, other than retirement | 36 |  |  | 45 |
Net operating loss, capital loss, and credit carryforwards | 152 |  |  | 157 |
Share-based compensation | 24 |  |  | 23 |
Capitalized R&D | 41 |  |  | — |
Lease obligations | 37 |  |  | 29 |
Other | 58 |  |  | 58 |
Deferred tax assets | $ | 450 |  |  | $ | 374 |
Tax valuation allowance | (112) |  |  | (115) |
Deferred tax assets, net of valuation allowance | $ | 338 |  |  | $ | 259 |
Deferred Tax Liabilities |  |  |
Property, plant and equipment | $ | (26) |  |  | $ | (11) |
Pension benefits and retiree medical benefits | (25) |  |  | (24) |
Right-of-use asset | (37) |  |  | (29) |
Other | (4) |  |  | (7) |
Deferred tax liabilities | $ | (92) |  |  | $ | (71) |
Net deferred tax assets (liabilities) | $ | 246 |  |  | $ | 188 |
The breakdown between long-term deferred tax assets and deferred tax liabilities was as follows:
| October 31,
| 2023 |  | 2022
| (in millions)
Long-term deferred tax assets (included within other assets) | $ | 284 |  |  | $ | 246 |
Long-term deferred tax liabilities (included within other long-term liabilities) | (38) |  |  | (58) |
Total | $ | 246 |  |  | $ | 188 |
Current and Long Term Tax Assets and Liabilities [Table Text Block] | The breakdown between current and long-term income tax assets and liabilities, excluding deferred tax assets and liabilities, was as follows:
| October 31,
| 2023 |  | 2022
| (in millions)
Current income tax assets (included within other current assets) | $ | 100 |  |  | $ | 87 |
Long-term income tax assets (included within other assets) | 3 |  |  | 11 |
Current income tax liabilities (included within other accrued liabilities) | (73) |  |  | (51) |
Long-term income tax liabilities (included within other long-term liabilities) | (162) |  |  | (216) |
Total | $ | (132) |  |  | $ | (169) |
Aggregate Changes in Gross Unrecognized Tax Benefits | The aggregate changes in the balances of our gross unrecognized tax benefits including all federal, state and foreign tax jurisdictions are as follows:
| 2023 |  | 2022 |  | 2021
| (in millions)
Balance, beginning of year | $ | 123 |  |  | $ | 133 |  |  | $ | 195 |
Additions for tax positions related to the current year | 5 |  |  | 5 |  |  | 6 |
Additions for tax positions from prior years | 3 |  |  | — |  |  | 4 |
Reductions for tax positions from prior years | (27) |  |  | (9) |  |  | — |
Settlements with taxing authorities | — |  |  | — |  |  | (30) |
Statute of limitations expirations | (6) |  |  | (6) |  |  | (42) |
Balance, end of year | $ | 98 |  |  | $ | 123 |  |  | $ | 133 |

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