Stockholders' Equity

3 Months Ended

Jan. 31, 2024

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. On December 13, 2023, 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. This authorization terminated, effective December 13, 2023, the existing authorization that had been in effect since May 17, 2022. 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,
	2024		2023
Number of shares purchased (in thousands)	1		187
Average price per share (1)	$	88.70	$	49.95
Remaining authorization at January 31 (in thousands)	20,000		14,389

(1) Average price per share includes costs associated with the purchases, including the excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022, as applicable.

Cash Dividends

During the three months ended January 31, 2024 and 2023, we declared and paid cash dividends of $0.21 and $0.20 per share, respectively, to our shareholders.

Accumulated Other Comprehensive Income

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

	Three months ended January 31,
	2024		2023
Employee Retirement Plans
Beginning balance	$	3,080	$	2,475
(Gains) losses reclassified from AOCI to net income (1)	(113)		23
Less: Tax expense (benefit) (2)	29		(6)
Net (gains) losses reclassified from AOCI to net income	(84)		17
Other comprehensive (loss) income – net of tax	(84)		17
Ending balance	$	2,996	$	2,492
Derivative Instruments
Beginning balance	$	37,830	$	35,143
Losses on derivative instruments	(3,568)		(4,297)
Less: Tax benefit	905		1,086
Net losses on derivative instruments	(2,663)		(3,211)
Gains reclassified from AOCI to net income (3)	(1,543)		(362)
Less: Tax expense (2)	392		92
Net gains reclassified from AOCI to net income	(1,151)		(270)
Other comprehensive loss – net of tax	(3,814)		(3,481)
Ending balance	$	34,016	$	31,662
Total AOCI ending balance	$	37,012	$	34,154

(1) Reclassified to “Other income – net”

(2) Reclassified to “Income tax provision”

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