Stockholders' Equity

3 Months Ended

Jan. 31, 2025

Equity [Abstract]

Stockholders’ Equity

Stockholders’ Equity

Stock Repurchase Program

From time to time, 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 for general corporate purposes, including to obtain shares for the Company’s equity awards and other employee benefit plans. Most recently, on December 13, 2023, our Board of Directors renewed its authorization to repurchase 20 million shares of our common stock and terminated, effective the same date, 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,
	2025		2024
Number of shares purchased (in thousands)	187		1
Average price per share (1)	$	127.02	$	88.70
Remaining authorization at January 31 (in thousands)	14,900		20,000

(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 month periods ended January 31, 2025 and 2024, we declared and paid cash dividends of $0.23 and $0.21 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,
	2025		2024
Employee Retirement Plans
Beginning balance	$	1,018	$	3,080
Losses (gains) reclassified from AOCI to net income (1)	205		(113)
Less: Tax (benefit) expense (2)	(52)		29
Net losses (gains) reclassified from AOCI to net income	153		(84)
Other comprehensive income (loss) – net of tax	153		(84)
Ending balance	$	1,171	$	2,996
Derivative Instruments
Beginning balance	$	30,259	$	37,830
Gains (losses) on derivative instruments	667		(3,568)
Less: Tax (expense) benefit	(168)		905
Net gains (losses) on derivative instruments	499		(2,663)
Gains reclassified from AOCI to net income (3)	(2,083)		(1,543)
Less: Tax expense (2)	526		392
Net gains reclassified from AOCI to net income	(1,557)		(1,151)
Other comprehensive loss – net of tax	(1,058)		(3,814)
Ending balance	$	29,201	$	34,016
Total AOCI ending balance	$	30,372	$	37,012

(1) Reclassified to “Other income – net”

(2) Reclassified to “Income tax provision”

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