STOCKHOLDERS' EQUITY

12 Months Ended

Oct. 31, 2013

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. All share and per share amounts have been retroactively updated to reflect this stock split.

Common Shares Authorized.   On March 12, 2013, following the approval by the company's shareholders at its 2013 annual meeting of shareholders, the company amended its Restated Certificate of Incorporation by filing a Certificate of Amendment to Restated Certificate of Incorporation to increase the number of authorized shares from 100 million to 175 million.

Stock Repurchase Program.   On December 11, 2012, the company's Board of Directors authorized the repurchase of 5 million shares of the company's common stock 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 2013, 2012, and 2011, the company paid $98,842, $92,719, and $129,955 to repurchase an aggregate of 2,131,615 shares, 2,591,039 shares, and 4,592,760 shares, respectively. As of October 31, 2013, 4,343,062 shares remained authorized for repurchase.

Treasury Shares.   As of October 31, 2013, the company had 21,275,717 treasury shares at a cost of $1,081,086. As of October 31, 2012, the company had 19,797,958 treasury shares at a cost of $1,012,536. 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.

Accumulated Other Comprehensive Loss.

Components of accumulated other comprehensive loss ("AOCL"), net of tax, within the consolidated statements of stockholders' equity are as follows:

As of October 31		2013		2012		2011
Foreign currency translation adjustments	$	7,778	$	5,436	$	2,904
Pension and retiree medical benefits		3,683		4,328		3,800
Derivative instruments		1,109		210		122
Total accumulated other comprehensive loss	$	12,570	$	9,974	$	6,826

   The components and activity of accumulated other comprehensive loss are as follows:

		Foreign Currency Translation Adjustments		Pension and Post- retirement Benefits			Cash Flow Derivative Instruments			Total
October 31, 2012	$	5,436	$	4,328		$	210		$	9,974
Other comprehensive loss before reclassifications		2,342		–			1,870			4,212
Amounts reclassified from AOCL		–		(645	)		(971	)		(1,616	)
Net current period other comprehensive loss (income)	$	2,342	$	(645	)	$	899		$	2,596
October 31, 2013	$	7,778	$	3,683		$	1,109		$	12,570

   Accumulated other comprehensive loss associated with pension and postretirement benefits are included in Note 11. Details of amounts reclassified from accumulated other comprehensive loss to the respective line items in net earnings for cash flow derivative instruments are included in Note 14.