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Stockholders' Equity | 12 Months Ended
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Nov. 30, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Preferred Stock. Prior to its April 30, 2024 expiration, we had in place a stockholder-approved rights agreement, and each share of our common stock included a related preferred share purchase right, to help protect the benefits of our NOL s and other deferred tax assets from an ownership change under Section 382. With the expiration of the rights agreement, which was initially established in 2009, we de-listed and de-registered the related rights in August 2024. Additionally, per its authority thereunder, our board of directors fixed October 10, 2024 as the expiration date for Article Ninth of our Restated Certificate of Incorporation, as amended, which was also put in place in 2009 as a supplemental mechanism to help protect such NOL-related benefits. Common Stock. On April 7, 2022, our board of directors authorized us to repurchase up to $300.0 million of our outstanding common stock. This authorization replaced a previous board of directors authorization, which had 331,400 shares remaining for repurchase. In 2022, we repurchased 4,927,499 shares of our common stock on the open market pursuant to the 2022 authorization at a total cost of $150.0 million. As of November 30, 2022, there was $150.0 million of remaining availability under this share repurchase authorization. In the 2023 first quarter, we repurchased 1,965,442 shares of our common stock on the open market pursuant to the 2022 board of directors authorization at a total cost of $75.0 million. On March 21, 2023, our board of directors authorized us to repurchase up to $500.0 million of our outstanding common stock. This authorization replaced the 2022 authorization. In the 2023 second, third and fourth quarters, we repurchased 7,278,995 shares of our common stock on the open market pursuant to the 2023 authorization at a total cost of $336.4 million, bringing our total repurchases for the year ended November 30, 2023 to 9,244,437 shares of common stock at a total cost of $411.4 million. As of November 30, 2023, there was $163.6 million of remaining availability under this share repurchase authorization. In the 2024 first quarter, we repurchased 826,663 shares of our common stock in the open market pursuant to the 2023 board of directors authorization at a total cost of $50.0 million. On April 18, 2024, our board of directors authorized us to repurchase up to $1.00 billion of our outstanding common stock. This authorization replaced the 2023 authorization, which had $113.6 million remaining. In the 2024 second, third and fourth quarters, we repurchased 3,898,518 shares of our common stock on the open market pursuant to the 2024 authorization at a total cost of $300.0 million, bringing our total repurchases for the year ended November 30, 2024 to 4,725,181 shares of common stock at a total cost of $350.0 million. Repurchases under the current authorization may occur periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at management’s discretion and dependent on market, business and other conditions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by our board of directors, and does not obligate us to purchase any shares. As of November 30, 2024, there was $700.0 million of remaining availability under the 2024 share repurchase authorization. The IRA imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorizations exclude such excise taxes, to the extent applicable, unless otherwise indicated. In the 2024 first quarter, our board of directors declared a quarterly cash dividend of $.20 per share of common stock. Our board of directors approved a $.05 per share increase in the quarterly cash dividend on our common stock to $.25 per share in the 2024 second quarter, and declared quarterly dividends at the new higher rate for the 2024 second, third and fourth quarters. In the 2023 first and second quarters, our board of directors declared quarterly cash dividends of $.15 per share of common stock. Our board of directors approved a $.05 per share increase in the quarterly cash dividend on our common stock to $.20 per share in the 2023 third quarter, and declared quarterly dividends at the new higher rate for the 2023 third and fourth quarters. In 2022, our board of directors declared four quarterly cash dividends of $.15 per share. All dividends declared during 2024, 2023 and 2022 were also paid during those years. Quarterly cash dividends declared and paid during 2024, 2023 and 2022 totaled $.95 per share, $.70 per share and $.60 per share, respectively. Treasury Stock. In addition to the shares purchased pursuant to our share repurchase program, we acquired $25.0 million, $14.2 million and $15.9 million of our common stock in 2024, 2023 and 2022, respectively. A portion of the common stock acquired in 2024, 2023 and 2022 consisted of previously issued shares delivered to us by employees to satisfy their withholding tax obligations on the vesting of PSU s and restricted stock awards or of forfeitures of previous restricted stock awards. Treasury stock is recorded at cost. Differences between the cost of treasury stock and the reissuance proceeds are recorded to paid-in capital. These transactions are not considered repurchases under the share repurchase program described above. In October 2024, we retired 27,557,428 shares of our treasury stock. Upon the retirement of the treasury stock, we deducted the par value from common stock and reflected the excess of cost over par value as a reduction to retained earnings.

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