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Stockholders' Equity | 6 Months Ended
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Apr. 30, 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 April 30, | Six months ended April 30,
| 2025 |  | 2024 | 2025 |  | 2024
Number of shares purchased (in thousands) | 1,645 |  |  | 1,502 |  | 1,832 |  |  | 1,503 |
Average price per share (1) | $ | 107.84 |  |  | $ | 120.60 |  | $ | 109.80 |  |  | $ | 120.59 |
Remaining authorization at April 30 (in thousands) | 13,255 |  |  | 18,498 |  | 13,255 |  |  | 18,498 |
(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 On March 11, 2025, our Board of Directors approved an increase in our quarterly cash dividend from $0.23 per share to $0.25 per share. During the three-month periods ended April 30, 2025 and 2024, we declared and paid cash dividends of $0.25 and $0.23 per share, respectively, to our shareholders. During the six-month periods ended April 30, 2025 and 2024, we declared and paid cash dividends of $0.48 and $0.44 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 April 30, |  | Six months ended April 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Employee Retirement Plans |  |  |  |  |  |  |
Beginning balance | $ | 1,171 |  |  | $ | 2,996 |  |  | $ | 1,018 |  |  | $ | 3,080 |
Losses (gains) reclassified from AOCI to net income (1) | 206 |  |  | (114) |  |  | 411 |  |  | (227) |
Less: Tax (benefit) expense (2) | (52) |  |  | 29 |  |  | (104) |  |  | 58 |
Net losses (gains) reclassified from AOCI to net income | 154 |  |  | (85) |  |  | 307 |  |  | (169) |
Other comprehensive income (loss) – net of tax | 154 |  |  | (85) |  |  | 307 |  |  | (169) |
Ending balance | $ | 1,325 |  |  | $ | 2,911 |  |  | $ | 1,325 |  |  | $ | 2,911 |
Derivative Instruments |  |  |  |  |  |  |
Beginning balance | $ | 29,201 |  |  | $ | 34,016 |  |  | $ | 30,259 |  |  | $ | 37,830 |
Gains on derivative instruments | 98 |  |  | 6,378 |  |  | 765 |  |  | 2,810 |
Less: Tax (expense) benefit | (25) |  |  | (1,964) |  |  | (193) |  |  | (1,059) |
Net gains on derivative instruments | 73 |  |  | 4,414 |  |  | 572 |  |  | 1,751 |
Gains reclassified from AOCI to net income (3) | (3,305) |  |  | (2,496) |  |  | (5,388) |  |  | (4,039) |
Less: Tax expense (2) | 836 |  |  | 982 |  |  | 1,362 |  |  | 1,374 |
Net gains reclassified from AOCI to net income | (2,469) |  |  | (1,514) |  |  | (4,026) |  |  | (2,665) |
Other comprehensive loss – net of tax | (2,396) |  |  | 2,900 |  |  | (3,454) |  |  | (914) |
Ending balance | $ | 26,805 |  |  | $ | 36,916 |  |  | $ | 26,805 |  |  | $ | 36,916 |
Total AOCI ending balance | $ | 28,130 |  |  | $ | 39,827 |  |  | $ | 28,130 |  |  | $ | 39,827 |
(1) Reclassified to “Other income – net” (2) Reclassified to “Income tax provision” (3) Reclassified to “Cost of revenues – home sales”

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