Stockholders' Equity

12 Months Ended

Oct. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11 Stockholders' Equity

Stock Repurchase Program

On December 3, 2015, the company's Board authorized the repurchase of 8,000,000 shares of the company's common stock in open-market or in privately negotiated transactions. On December 4, 2018, the company's Board authorized the repurchase of up to an additional 5,000,000 shares of common stock in open-market or in privately negotiated transactions under the authorized stock repurchase program. During fiscal 2021 and 2019, the company paid $302.3 million and $20.0 million to repurchase 2,989,794 and 359,758 shares, respectively, under the authorized repurchase program; and as a result of the fiscal 2021 repurchase activity, no shares remained authorized under the December 3, 2015 tranche of authorized shares under the company's stock repurchase program as of October 31, 2021. The company curtailed the repurchase of shares of its common stock during fiscal 2020 as a result of the Venture Products transaction and to enhance its liquidity position in response to COVID-19; and thus, no shares were repurchased during fiscal 2020. The company curtailed the repurchase of shares of its common stock during the company's fiscal 2019 second, third, and fourth quarters as a result of the CMW transaction. As of October 31, 2021, 4,052,462 shares remained authorized by the company's Board for repurchase under the December 4, 2018 tranche of authorized shares under the company's stock repurchase program. This authorized stock repurchase program has no expiration date but may be terminated by the Board at any time. The authorized stock repurchase program does not include shares of the company's common stock surrendered by employees to satisfy minimum tax withholding obligations upon vesting of certain stock-based compensation awards granted under the company's 2010 plan.

Treasury Shares

Treasury shares generally consist of shares of the company's common stock repurchased under the company's Board authorized stock repurchase program. The company values treasury shares on an average cost basis. As of October 31, 2021, the company had a total of 22,566,717 treasury shares at a total average cost of $1,595.8 million. As of October 31, 2020, the company had a total of 20,545,330 treasury shares at a total average cost of $1,323.2 million.

Accumulated Other Comprehensive Loss

The components of AOCL, net of tax, within the Consolidated Statements of Stockholders' Equity were as follows (in thousands):

As of October 31	2021		2020
Foreign currency translation adjustments	$	19,535	$	24,508
Pension benefits	3,899		5,106
Cash flow derivative instruments	2,562		4,648
Total accumulated other comprehensive loss	$	25,996	$	34,262

The components and activity of AOCL, net of tax, were as follows (in thousands):

	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2020	$	24,508	$	5,106	$	4,648	$	34,262
Other comprehensive income before reclassifications	(4,973)		(1,207)		(12,830)		(19,010)
Amounts reclassified from AOCL	—		—		10,744		10,744
Net current period other comprehensive income	(4,973)		(1,207)		(2,086)		(8,266)
Balance as of October 31, 2021	$	19,535	$	3,899	$	2,562	$	25,996

	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2019	$	31,025	$	4,861	$	(3,837)	$	32,049
Other comprehensive (income) loss before reclassifications	(6,517)		245		14,159		7,887
Amounts reclassified from AOCL	—		—		(5,674)		(5,674)
Net current period other comprehensive (income) loss	(6,517)		245		8,485		2,213
Balance as of October 31, 2020	$	24,508	$	5,106	$	4,648	$	34,262

For additional information on the components reclassified from AOCL to the respective line items in net earnings for derivative instruments refer to Note 14, Derivative Instruments and Hedging Activities.