Stockholders' Equity

3 Months Ended

Jan. 31, 2022

Stock Repurchase Program [Abstract]

Stockholders’ Equity

Stockholders’ Equity

Stock Repurchase Program

From time to time since fiscal 2017, our Board of Directors has renewed its authorization to repurchase up to 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. Most recently, on March 10, 2020, our Board of Directors renewed its authorization to repurchase of 20 million shares of our common stock. The 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 January 31,
	2022		2021
Number of shares purchased (in thousands)	3,013		4,027
Average price per share	$	61.65	$	44.54
Remaining authorization at January 31 (in thousands)	9,550		15,957

Cash Dividends

During the three months ended January 31, 2022 and 2021, we declared and paid cash dividends of $0.17 and $0.11 per share, respectively, to our shareholders.

Accumulated Other Comprehensive Income (Loss)

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

	Three months ended January 31,
	2022		2021
Employee Retirement Plans
Beginning balance	$	(6,024)	$	(7,198)
Gains reclassified from AOCI to net income (1)	451		450
Less: Tax expense (2)	(113)		(116)
Net gains reclassified from AOCI to net income	338		334
Other comprehensive income, net of tax	338		334
Ending balance	$	(5,686)	$	(6,864)
Derivative Instruments
Beginning balance	$	7,133	$	—
Gains on derivative instruments	5,748		498
Less: Tax expense	(1,441)		(128)
Net gains on derivative instruments	4,307		370
Gains reclassified from AOCI to net income (3)	76		10
Less: Tax expense (2)	(19)		(2)
Net gains reclassified from AOCI to net income	57		8
Other comprehensive income, net of tax	4,364		378
Ending balance	$	11,497	$	378
Total AOCI ending balance	$	5,811	$	(6,486)

(1) Reclassified to “Other income – net”

(2) Reclassified to “Income tax provision”

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