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INCOME TAXES (Tables) | 12 Months Ended
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Oct. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
| (in millions)
U.S. operations | $ | 391 |  |  | $ | 614 |  |  | $ | 858 |
Non-U.S. operations | 1,130 |  |  | 725 |  |  | 646 |
Total income before taxes | $ | 1,521 |  |  | $ | 1,339 |  |  | $ | 1,504 |
Provision for income taxes | The provision for income taxes is comprised of:
| Years Ended October 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
U.S. federal taxes: |  |  |  |  |
Current | $ | 182 |  |  | $ | 117 |  |  | $ | 173 |
Deferred | (104) |  |  | (84) |  |  | (28) |
Non-U.S. taxes: |  |  |  |  |
Current | 87 |  |  | 26 |  |  | 47 |
Deferred | 60 |  |  | 38 |  |  | 35 |
State taxes, net of federal benefit: |  |  |  |  |
Current | 27 |  |  | 12 |  |  | 22 |
Deferred | (20) |  |  | (10) |  |  | 1 |
Total provision for income taxes | $ | 232 |  |  | $ | 99 |  |  | $ | 250 |
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,
| 2024 |  | 2023 |  | 2022
| (in millions)
Profit before tax times statutory rate | $ | 319 |  |  | $ | 281 |  |  | $ | 316 |
State income taxes, net of federal benefit | 7 |  |  | 2 |  |  | 23 |
Non-U.S. income taxed at different rates | (14) |  |  | 20 |  |  | (18) |
Change in unrecognized tax benefits | (8) |  |  | (35) |  |  | (6) |
Foreign-derived intangible income deduction | (47) |  |  | (41) |  |  | (46) |
Realized loss on divestiture of business | — |  |  | (104) |  |  | — |
Excess tax benefits from stock-based compensation | (4) |  |  | (14) |  |  | (19) |
Other, net | (21) |  |  | (10) |  |  | — |
Provision (benefit) for income taxes | $ | 232 |  |  | $ | 99 |  |  | $ | 250 |
Effective tax rate | 15.3 | % |  | 7.4 | % |  | 16.6 | %
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,
| 2024 |  | 2023
| (in millions)
Deferred Tax Assets |  |  |
Intangibles | $ | 20 |  |  | $ | 102 |
Employee benefits, other than retirement | 31 |  |  | 36 |
Net operating loss, capital loss, and credit carryforwards | 184 |  |  | 152 |
Deferred revenue | 98 |  |  | 16 |
Share-based compensation | 25 |  |  | 24 |
Capitalized R&D | 93 |  |  | 41 |
Lease obligations | 39 |  |  | 37 |
Other | 35 |  |  | 42 |
Deferred tax assets | $ | 525 |  |  | $ | 450 |
Tax valuation allowance | (113) |  |  | (112) |
Deferred tax assets, net of valuation allowance | $ | 412 |  |  | $ | 338 |
Deferred Tax Liabilities |  |  |
Property, plant and equipment | $ | (62) |  |  | $ | (26) |
Pension benefits and retiree medical benefits | (41) |  |  | (25) |
Right-of-use asset | (39) |  |  | (37) |
Other | (4) |  |  | (4) |
Deferred tax liabilities | $ | (146) |  |  | $ | (92) |
Net deferred tax assets (liabilities) | $ | 266 |  |  | $ | 246 |
The breakdown between long-term deferred tax assets and deferred tax liabilities was as follows:
| October 31,
| 2024 |  | 2023
| (in millions)
Long-term deferred tax assets (included within other assets) | $ | 351 |  |  | $ | 284 |
Long-term deferred tax liabilities (included within other long-term liabilities) | (85) |  |  | (38) |
Total | $ | 266 |  |  | $ | 246 |
Current and Long Term Tax Assets and Liabilities | The breakdown between current and long-term income tax assets and liabilities, excluding deferred tax assets and liabilities, was as follows:
| October 31,
| 2024 |  | 2023
| (in millions)
Current income tax assets (included within other current assets) | $ | 147 |  |  | $ | 100 |
Long-term income tax assets (included within other assets) | 3 |  |  | 3 |
Current income tax liabilities (included within other accrued liabilities) | (152) |  |  | (73) |
Long-term income tax liabilities (included within other long-term liabilities) | (115) |  |  | (162) |
Total | $ | (117) |  |  | $ | (132) |
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:
| 2024 |  | 2023 |  | 2022
| (in millions)
Balance, beginning of year | $ | 98 |  |  | $ | 123 |  |  | $ | 133 |
Additions for tax positions related to the current year | 6 |  |  | 5 |  |  | 5 |
Additions for tax positions from prior years | 3 |  |  | 3 |  |  | — |
Reductions for tax positions from prior years | (1) |  |  | (27) |  |  | (9) |
Statute of limitations expirations | (9) |  |  | (6) |  |  | (6) |
Balance, end of year | $ | 97 |  |  | $ | 98 |  |  | $ | 123 |

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