Stockholders' Equity

9 Months Ended

Jul. 31, 2021

Stock Repurchase Program [Abstract]

Stock Repurchase Program [Text Block]

Stockholders’ Equity

Stock Repurchase Program

On March 10, 2020, our Board of Directors terminated our existing 20 million share repurchase program, which was authorized in December 2019, and authorized, under a new repurchase program, the repurchase of 20 million shares of our common stock in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions, in each case for general corporate purposes, including to obtain shares for the Company’s equity awards and other employee benefit plans. Our Board of Directors did not fix any expiration date for this repurchase program.

The table below provides, for the periods indicated, information about our share repurchase programs:

	Three months ended July 31,				Nine months ended July 31,
	2021		2020		2021		2020
Number of shares purchased (in thousands)	1,655		10		5,687		15,948
Average price per share	$	57.66	$	32.81	$	48.37	$	39.75
Remaining authorization at July 31 (in thousands)	14,298		19,988		14,298		19,988

Subsequent to July 31, 2021 and through September 1, 2021, we repurchased approximately 140,300 shares of our common stock at an average price of $64.19 per share, all of which were purchased pursuant to the repurchase program authorized by our Board of Directors on March 10, 2020.

Cash Dividends

On March 9, 2021, our Board of Directors approved an increase in our quarterly cash dividend from $0.11 per share to $0.17 per share. During the three months ended July 31, 2021 and 2020, we declared and paid cash dividends of $0.17 and $0.11 per share, respectively, to our shareholders. During the nine months ended July 31, 2021 and 2020, we declared and paid cash dividends of $0.45 and $0.33 per share, respectively, to our shareholders.

Accumulated Other Comprehensive Loss

The changes in each component of accumulated other comprehensive loss (“AOCL”), for the periods indicated, were as follows (amounts in thousands):

	Three months ended July 31, 2021				Nine months ended July 31, 2021
	2021		2020		2021		2020
Employee Retirement Plans
Beginning balance	$	(6,529)	$	(5,275)	$	(7,198)	$	(5,831)
Gains (losses) arising during the period	—		—		—		—
Less: Tax (expense) benefit	—		—		—		—
Net gains (losses) arising during the period	—		—		—		—
Gains reclassified from AOCL to net income (1)	450		373		1,350		1,119
Less: Tax expense (2)	(115)		(93)		(346)		(283)
Net gains reclassified from AOCL to net income	335		280		1,004		836
Other comprehensive income, net of tax	335		280		1,004		836
Ending balance	$	(6,194)	$	(4,995)	$	(6,194)	$	(4,995)
Derivative Instruments
Beginning balance	$	4,481	$	—	$	—	$	—
(Losses) gains on derivative instruments	(2,939)		—		3,033		—
Less: Tax benefit (expense)	752		—		(771)		—
Net (losses) gains on derivative instruments	(2,187)		—		2,262		—
Gains reclassified from AOCL to net income (3)	60		—		102		—
Less: Tax expense (2)	(15)		—		(25)		—
Net gains reclassified from AOCL to net income	45		—		77		—
Other comprehensive (loss) income, net of tax	(2,142)		—		2,339		—
Ending balance	$	2,339	$	—	$	2,339	$	—
Total AOCL ending balance	$	(3,855)	$	(4,995)	$	(3,855)	$	(4,995)

(1) Reclassified to “Other income – net”

(2) Reclassified to “Income tax provision”

(3) Reclassified to “Cost of revenues – home sales”