Stockholders' Equity

9 Months Ended

Jul. 31, 2023

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 for general corporate purposes, including to obtain shares for the Company’s equity awards 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,
	2023		2022		2023		2022
Number of shares purchased (in thousands)	1,931		2,038		3,561		7,257
Average price per share (1)	$	76.26	$	44.93	$	67.53	$	52.90
Remaining authorization at July 31 (in thousands)	11,016		18,319		11,016		18,319

(1) Average price per share includes costs associated with the purchases. For the fiscal 2023 periods, it also includes the excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022.

Cash Dividends

On March 9, 2023, our Board of Directors approved an increase in our quarterly cash dividend from $0.20 per share to $0.21 per share, which was previously increased from $0.17 to $0.20 in March 2022. During the three month periods ended July 31, 2023 and 2022, we declared and paid cash dividends of $0.21 and $0.20 per share, respectively, to our shareholders. During the nine months ended July 31, 2023 and 2022, we declared and paid cash dividends of $0.62 and $0.57 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,
	2023		2022		2023		2022
Employee Retirement Plans
Beginning balance	$	2,510	$	(5,347)	$	2,475	$	(6,024)
Losses reclassified from AOCI to net income (1)	23		452		70		1,355
Less: Tax benefit (2)	(6)		(115)		(18)		(341)
Net losses reclassified from AOCI to net income	17		337		52		1,014
Other comprehensive loss – net of tax	17		337		52		1,014
Ending balance	$	2,527	$	(5,010)	$	2,527	$	(5,010)
Derivative Instruments
Beginning balance	$	31,365	$	24,766	$	35,143	$	7,133
Gains (losses) on derivative instruments	8,900		(4,082)		5,191		19,281
Less: Tax (expense) benefit	(2,250)		1,037		(1,302)		(4,829)
Net gains (losses) on derivative instruments	6,650		(3,045)		3,889		14,452
(Gains) losses reclassified from AOCI to net income (3)	(1,427)		38		(2,789)		220
Less: Tax expense (benefit) (2)	361		(10)		706		(56)
Net (gains) losses reclassified from AOCI to net income	(1,066)		28		(2,083)		164
Other comprehensive income (loss) – net of tax	5,584		(3,017)		1,806		14,616
Ending balance	$	36,949	$	21,749	$	36,949	$	21,749
Total AOCI ending balance	$	39,476	$	16,739	$	39,476	$	16,739

(1) Reclassified to “Other income – net”

(2) Reclassified to “Income tax provision”

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