Stockholders' Equity

9 Months Ended

Jul. 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 May 17, 2022, our Board of Directors renewed its authorization to repurchase 20 million shares of our common stock. Shares may be repurchased in open market

transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. 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 July 31,				Nine months ended July 31,
	2022		2021		2022		2021
Number of shares purchased (in thousands)	2,038		1,655		7,257		5,687
Average price per share	$	44.93	$	57.66	$	52.90	$	48.37
Remaining authorization at July 31 (in thousands)	18,319		14,298		18,319		14,298

Cash Dividends

On March 8, 2022, our Board of Directors approved an increase in our quarterly cash dividend from $0.17 per share to $0.20 per share. During the three month periods ended July 31, 2022 and 2021, we declared and paid cash dividends of $0.20 and $0.17 per share, respectively, to our shareholders. During the nine months ended July 31, 2022 and 2021, we declared and paid cash dividends of $0.57 and $0.45 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 July 31,				Nine months ended July 31,
	2022		2021		2022		2021
Employee Retirement Plans
Beginning balance	$	(5,347)	$	(6,529)	$	(6,024)	$	(7,198)
Losses reclassified from AOCI to net income (1)	452		450		1,355		1,350
Less: Tax benefit (2)	(115)		(115)		(341)		(346)
Net losses reclassified from AOCI to net income	337		335		1,014		1,004
Other comprehensive income – net of tax	337		335		1,014		1,004
Ending balance	$	(5,010)	$	(6,194)	$	(5,010)	$	(6,194)
Derivative Instruments
Beginning balance	$	24,766	$	4,481	$	7,133	$	—
Unrealized (losses) gains on derivative instruments	(4,082)		(2,939)		19,281		3,033
Less: Tax benefit (expense)	1,037		752		(4,829)		(771)
Net (losses) gains on derivative instruments	(3,045)		(2,187)		14,452		2,262
Losses reclassified from AOCI to net income (3)	38		60		220		102
Less: Tax benefit (2)	(10)		(15)		(56)		(25)
Net losses reclassified from AOCI to net income	28		45		164		77
Other comprehensive (loss) income – net of tax	(3,017)		(2,142)		14,616		2,339
Ending balance	$	21,749	$	2,339	$	21,749	$	2,339
Total AOCI ending balance	$	16,739	$	(3,855)	$	16,739	$	(3,855)

(1) Reclassified to “Other income – net”

(2) Reclassified to “Income tax provision”

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