Stockholders' Equity

12 Months Ended

Oct. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

10 Stockholders' Equity

Stock Repurchase Program

On December 4, 2018, the company's Board authorized the repurchase of 5,000,000 shares of common stock in open-market or in privately negotiated transactions under the authorized stock repurchase program. During fiscal 2023 and 2022, the company paid $60.0 million and $140.0 million to repurchase 577,115 and 1,525,856 shares, respectively, under the authorized repurchase program. As of October 31, 2023, 1,949,491 shares remained available for repurchase under the December 4, 2018 tranche of authorized shares under the company's stock repurchase program. This program has no expiration date but may be terminated by the Board at any time. Shares of the company's common stock surrendered by employees to satisfy minimum tax withholding obligations upon vesting of certain stock-based compensation awards are not a part of this program.

On December 13, 2022, 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. As of October 31, 2023, no shares have been repurchased under this program. This program has no expiration date but may be terminated by the Board at any time.

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, 2023, the company had a total of 23,888,294 treasury shares at a total average cost of $1,743.6 million. As of October 31, 2022, the company had a total of 23,774,518 treasury shares at a total average cost of $1,715.0 million.

Accumulated Other Comprehensive Loss

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

As of October 31	2023		2022
Foreign currency translation adjustments	$	41.7	$	51.3
Pension benefits	4.3		3.6
Cash flow derivative instruments	(9.0)		(21.8)
Total accumulated other comprehensive loss	$	37.0	$	33.1

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

	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2022	$	51.3	$	3.6	$	(21.8)	$	33.1
Other comprehensive (income) loss before reclassifications	(9.6)		0.7		(2.5)		(11.4)
Amounts reclassified from AOCL	—		—		15.3		15.3
Net current period other comprehensive (income) loss	(9.6)		0.7		12.8		3.9
Balance as of October 31, 2023	$	41.7	$	4.3	$	(9.0)	$	37.0

	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2021	$	19.5	$	3.9	$	2.6	$	26.0
Other comprehensive loss (income) before reclassifications	31.8		(0.3)		(19.3)		12.2
Amounts reclassified from AOCL	—		—		(5.1)		(5.1)
Net current period other comprehensive loss (income)	31.8		(0.3)		(24.4)		7.1
Balance as of October 31, 2022	$	51.3	$	3.6	$	(21.8)	$	33.1

For additional information on the components reclassified from AOCL to the respective line items in net earnings for derivative instruments refer to Note 13, Derivative Instruments and Hedging Activities.