STOCKHOLDERS' EQUITY

12 Months Ended

Oct. 31, 2012

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

8 STOCKHOLDERS' EQUITY

Stock Split.   On May 24, 2012, the company announced that its Board of Directors declared a two-for-one stock split of the company's common stock, effected in the form of a 100 percent stock dividend. The stock split was distributed or paid on June 29, 2012, to shareholders of record as of June 15, 2012. As a result of this action, approximately 29.4 million shares were issued to shareholders of record as of June 15, 2012. The par value of the common stock remains at $1.00 per share and; accordingly, approximately $29,390 was transferred from retained earnings to common stock.

Stock Repurchase Program.   On December 1, 2010, the company's Board of Directors authorized the repurchase of 6 million shares of the company's common stock (as adjusted from the original amount of 3 million shares in connection with the company's two-for-one stock split discussed above) in open-market or in privately negotiated transactions. This program has no expiration date but may be terminated by the Board at any time. During fiscal 2012, 2011, and 2010, the company paid $92,719, $129,955, and $135,777 to repurchase an aggregate of 2,591,039 shares, 4,592,760 shares, and 5,356,948 shares, respectively. As of October 31, 2012, 1,474,677 shares remained authorized for repurchase.

   On December 11, 2012, the company's Board of Directors authorized the repurchase of up to an additional 5 million shares of the company's common stock in open-market or in privately negotiated transactions. This repurchase program has no expiration date but may be terminated by the Board at any time.

Treasury Shares.   As of October 31, 2012, the company had 19,797,958 treasury shares at a cost of $1,012,536. As of October 31, 2011, the company had 48,858,250 treasury shares at a cost of $984,583. On November 30, 2011, the company's Board of Directors authorized the retirement of 30 million treasury shares, as adjusted for the company's two-for-one stock split, previously discussed.