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STOCKHOLDERS' EQUITY (Notes) | 9 Months Ended
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Jul. 31, 2023
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS EQUITY | STOCKHOLDERS' EQUITY Stock Repurchase Program 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 nine months ended July 31, 2023, we repurchased and retired 661,739 shares for $99 million under this authorization. During the three and nine months ended July 31, 2022, we repurchased and retired 2.673 million shares for $323 million and 7.331 million shares for $1.004 billion, respectively, under this authorization. On March 1, 2023, the 2021 repurchase program was terminated and the remaining authorization of $339 million expired. On January 9, 2023, we announced that our board of directors had approved a share repurchase program (the "2023 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 2023 repurchase program authorizes the purchase of up to $2.0 billion, excluding excise taxes, of our common stock at the company's discretion and has no fixed termination date. The 2023 repurchase program does not require the company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. The 2023 repurchase program commenced on March 1, 2023, and also terminated and replaced the 2021 repurchase program. During the three and nine months ended July 31, 2023, we repurchased and retired 2.812 million shares for $335 million and 3.256 million shares for $396 million, respectively, excluding excise taxes, under this authorization. As of July 31, 2023, we had remaining authorization to repurchase up to approximately $1.604 billion of our common stock under the 2023 repurchase program. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. As a result, we recorded the applicable excise tax of $2.4 million as an incremental cost of the shares repurchased and a corresponding liability for the excise tax payable in other accrued liabilities on our condensed consolidated balance sheet. Cash Dividends on Shares of Common Stock During the three and nine months ended July 31, 2023, we paid cash dividends of $0.225 per common share or $66 million and $0.675 per common share or $199 million, respectively, on the company's common stock. During the three and nine months ended July 31, 2022, we paid cash dividends of $0.210 per common share or $62 million and $0.630 per common share or $188 million, respectively, on the company's common stock. The timing and amounts of any future dividends are subject to determination and approval by our board of directors. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component and related tax effects were as follows (in millions):
|  |  |  |  |  | Net defined benefit pension cost and post retirement plan costs |  |  |  |
Three Months Ended July 31, 2023 |  |  |  | Foreign currency translation |  | Prior service credits |  | Actuarial Losses |  | Unrealized gains (losses) on derivatives |  | Total
|  |  |  | (in millions)
As of April 30, 2023 |  |  |  | $ | (257) |  |  | $ | 122 |  |  | $ | (151) |  |  | $ | 4 |  |  | $ | (282) |
Other comprehensive income (loss) before reclassifications |  |  |  | 8 |  |  | — |  |  | — |  |  | 2 |  |  | 10 |
Amounts reclassified out of accumulated other comprehensive income (loss) |  |  |  | — |  |  | — |  |  | (1) |  |  | 2 |  |  | 1 |
Tax benefit (expense) |  |  |  | 1 |  |  | — |  |  | — |  |  | (1) |  |  | — |
Other comprehensive income (loss) |  |  |  | 9 |  |  | — |  |  | (1) |  |  | 3 |  |  | 11 |
As of July 31, 2023 |  |  |  | $ | (248) |  |  | $ | 122 |  |  | $ | (152) |  |  | $ | 7 |  |  | $ | (271) |
Nine Months Ended July 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
As of October 31, 2022 |  |  |  | $ | (335) |  |  | $ | 123 |  |  | $ | (155) |  |  | $ | 20 |  |  | $ | (347) |
Other comprehensive income (loss) before reclassifications |  |  |  | 85 |  |  | — |  |  | 4 |  |  | (18) |  |  | 71 |
Amounts reclassified out of accumulated other comprehensive income (loss) |  |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (2) |
Tax benefit |  |  |  | 2 |  |  | — |  |  | — |  |  | 5 |  |  | 7 |
Other comprehensive income (loss) |  |  |  | 87 |  |  | (1) |  |  | 3 |  |  | (13) |  |  | 76 |
As of July 31, 2023 |  |  |  | $ | (248) |  |  | $ | 122 |  |  | $ | (152) |  |  | $ | 7 |  |  | $ | (271) |
Reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended July 31, 2023 and 2022 were as follows (in millions):
Details about accumulated other comprehensive income (loss) components |  | Amounts Reclassified from other comprehensive income (loss) |  | Affected line item in statement of operations
|  | Three Months Ended |  | Nine Months Ended |  |
|  | July 31, |  | July 31, |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Unrealized gain (loss) on derivatives |  | $ | (2) |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 20 |  |  | Cost of products
Unrealized gain (loss) on derivatives |  | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  | Interest expense
|  | (2) |  |  | 11 |  |  | — |  |  | 19 |  |  | Total before income tax
|  | 1 |  |  | (3) |  |  | — |  |  | (5) |  |  | (Provision) benefit for income tax
|  | (1) |  |  | 8 |  |  | — |  |  | 14 |  |  | Total net of income tax
Net defined benefit pension cost and post retirement plan costs: |  |  |  |  |  |  |  |  |  |
Actuarial net gain (loss) |  | 1 |  |  | (7) |  |  | 1 |  |  | (19) |  |  | Other income (expense)
Prior service benefit |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | Other income (expense)
|  | 1 |  |  | (6) |  |  | 2 |  |  | (18) |  |  | Total before income tax
|  | — |  |  | 2 |  |  | (1) |  |  | 5 |  |  | (Provision) benefit for income tax
|  | 1 |  |  | (4) |  |  | 1 |  |  | (13) |  |  | Total net of income tax
Total reclassifications for the period |  | $ | — |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1 |  |  |
Amounts in parentheses indicate reductions to income and increases to other comprehensive income (loss). Reclassifications out of accumulated other comprehensive income (loss) of prior service benefit and actuarial net gain (loss) in respect of retirement plans and post retirement pension plans are included in the computation of net periodic cost (see Note 11, "Retirement Plans and Post Retirement Pension Plans").

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