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STOCKHOLDERS' EQUITY (Notes) | 6 Months Ended
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Apr. 30, 2024
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 three and six months ended April 30, 2023, we repurchased and retired 162,399 shares for $24 million and 661,739 shares for $99 million, 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 both the three and six months ended April 30, 2023, we repurchased and retired 443,690 shares for $61 million under this authorization. During both the three and six months ended April 30, 2024, we repurchased and retired 1.594 million shares for $230 million, excluding excise taxes of $1.0 million, under this authorization. As of April 30, 2024, we had remaining authorization to repurchase up to approximately $1.294 billion of our common stock under the 2023 repurchase program. Cash Dividends on Shares of Common Stock During the three and six months ended April 30, 2024, we paid cash dividends of $0.236 per common share or $69 million and $0.472 per common share or $138 million, respectively, on the company's common stock. During the three and six months ended April 30, 2023, we paid cash dividends of $0.225 per common share or $66 million and $0.450 per common share or $133 million, respectively, on the company's common stock. On May 22, 2024, our board of directors declared a quarterly dividend of $0.236 per share of common stock or approximately $69 million which will be paid on July 24, 2024 to all shareholders of record at the close of business on July 2, 2024. 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 April 30, 2024 |  |  |  | Foreign currency translation |  | Prior service credits |  | Actuarial Losses |  | Unrealized gains (losses) on derivatives |  | Total
|  |  |  | (in millions)
As of January 31, 2024 |  |  |  | $ | (280) |  |  | $ | 122 |  |  | $ | (166) |  |  | $ | 8 |  |  | $ | (316) |
Other comprehensive income (loss) before reclassifications |  |  |  | (24) |  |  | — |  |  | 1 |  |  | 9 |  |  | (14) |
Amounts reclassified out of accumulated other comprehensive income (loss) |  |  |  | — |  |  | — |  |  | (5) |  |  | (1) |  |  | (6) |
Tax (expense) benefit |  |  |  | — |  |  | — |  |  | 1 |  |  | (2) |  |  | (1) |
Other comprehensive income (loss) |  |  |  | (24) |  |  | — |  |  | (3) |  |  | 6 |  |  | (21) |
As of April 30, 2024 |  |  |  | $ | (304) |  |  | $ | 122 |  |  | $ | (169) |  |  | $ | 14 |  |  | $ | (337) |
Six Months Ended April 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
As of October 31, 2023 |  |  |  | $ | (301) |  |  | $ | 122 |  |  | $ | (165) |  |  | $ | 17 |  |  | $ | (327) |
Other comprehensive income (loss) before reclassifications |  |  |  | 5 |  |  | — |  |  | 2 |  |  | (1) |  |  | 6 |
Amounts reclassified out of accumulated other comprehensive income (loss) |  |  |  | (8) |  |  | — |  |  | (8) |  |  | (4) |  |  | (20) |
Tax (expense) benefit |  |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | 4 |
Other comprehensive income (loss) |  |  |  | (3) |  |  | — |  |  | (4) |  |  | (3) |  |  | (10) |
As of April 30, 2024 |  |  |  | $ | (304) |  |  | $ | 122 |  |  | $ | (169) |  |  | $ | 14 |  |  | $ | (337) |
Reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended April 30, 2024 and 2023 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 |  | Six Months Ended |  |
|  | April 30, |  | April 30, |  |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Foreign currency translation |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | Other income (expense)
|  | — |  |  | — |  |  | 8 |  |  | — |  |  | Total before income tax
|  | — |  |  | — |  |  | — |  |  | — |  |  | (Provision) benefit for income tax
|  | — |  |  | — |  |  | 8 |  |  | — |  |  | Total net of income tax
Unrealized gain (loss) on derivatives |  | 2 |  |  | (3) |  |  | 5 |  |  | 3 |  |  | Cost of products
Unrealized gain (loss) on derivatives |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | Interest expense
|  | 1 |  |  | (4) |  |  | 4 |  |  | 2 |  |  | Total before income tax
|  | — |  |  | 1 |  |  | (1) |  |  | (1) |  |  | (Provision) benefit for income tax
|  | 1 |  |  | (3) |  |  | 3 |  |  | 1 |  |  | Total net of income tax
Net defined benefit pension cost and post retirement plan costs: |  |  |  |  |  |  |  |  |  |
Actuarial net gain (loss) |  | 5 |  |  | (1) |  |  | 8 |  |  | — |  |  | Other income (expense)
Prior service benefit |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | Other income (expense)
|  | 5 |  |  | — |  |  | 8 |  |  | 1 |  |  | Total before income tax
|  | (1) |  |  | — |  |  | (2) |  |  | (1) |  |  | (Provision) benefit for income tax
|  | 4 |  |  | — |  |  | 6 |  |  | — |  |  | Total net of income tax
Total reclassifications for the period |  | $ | 5 |  |  | $ | (3) |  |  | $ | 17 |  |  | $ | 1 |  |  |
Amounts in parentheses indicate reductions to income and increases to other comprehensive income (loss). Reclassifications out of accumulated other comprehensive income (loss) of actuarial net gain (loss) and prior service benefit in respect of retirement plans and post retirement pension plans are included in the computation of net periodic benefit cost (income) (see Note 11, "Retirement Plans and Post Retirement Pension Plans").

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