STOCK OPTION AND RESTRICTED STOCK AWARDS (Tables)

12 Months Ended

Oct. 31, 2021

STOCK OPTION AND RESTRICTED STOCK AWARDS

Assumptions Used for the Binomial Lattice Model to Determine Fair Value of Options

The assumptions used for the binomial lattice model to determine the fair value of options follow:

	2021	2020	2019
Risk-free interest rate*	.47%	1.67%	2.85%
Expected dividends	1.2%	1.8%	2.0%
Volatility*	31.0%	26.0%	30.0%
Expected term (in years)*	5.5	5.7	8.2

*    Weighted-averages

Stock Option Activity

Stock option activity at October 31, 2021, and changes during 2021 in millions of dollars and shares follow:

				Remaining
				Contractual	Aggregate
		Exercise		Term	Intrinsic
	Shares	Price*		(Years)	Value
Outstanding at beginning of year	3.7	$	107.30
Granted	.3		254.83
Exercised	(1.5)		99.38
Outstanding at end of year	2.5		127.82	5.07	$	527.3
Exercisable at end of year	1.9		103.25	4.00		445.0

*    Weighted-averages

Restricted Stock Units Activity

The company’s restricted stock units at October 31, 2021 and changes during 2021 in millions of shares follow:

		Grant-Date
	Shares	Fair Value*
Service-only based
Nonvested at beginning of year	.9	$	155.47
Granted	.2		258.86
Vested	(.5)		190.87
Forfeited	(.1)		163.16
Nonvested at end of year	.5		190.87
Performance/service based
Nonvested at beginning of year	.2	$	147.55
Granted	.1		245.73
Vested	(.2)		145.16
Performance change	.1		144.98
Nonvested at end of year	.2		171.82

* Weighted-averages