Stockholders' Equity

12 Months Ended

Oct. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 8. Stockholders’ Equity

Analysis of Changes in Accumulated Other Comprehensive Income (Loss):

(In millions)	Foreign Currency Translation Adjustment		Derivatives		Minimum Pension Liability		Total
Balance at October 31, 2020	$	(402.3)	$	(13.0)	$	(56.7)	$	(472.0)
Gross change in value	82.2		34.3		29.8		146.3
Tax effect	(0.2)		(8.2)		(7.2)		(15.6)
Balance at October 31, 2021	$	(320.3)	$	13.1	$	(34.1)	$	(341.3)
Gross change in value	$	(234.7)	$	107.4	$	36.6	$	(90.7)
Tax effect	—		(26.1)		(8.7)		(34.8)
Balance at October 31, 2022	$	(555.0)	$	94.4	$	(6.2)	$	(466.8)
Gross change in value	$	17.0	$	(9.4)	$	4.0	$	11.6
Tax effect	—		2.4		(1.0)		1.4
Balance at October 31, 2023	$	(538.0)	$	87.4	$	(3.2)	$	(453.8)

Share Repurchases

In December 2011, the Company's Board of Directors authorized the 2012 Program and through subsequent amendments, the most recent in March 2017, the total repurchase authorization was increased from $500.0 million to $1.0 billion of the Company's common stock. This program has no expiration date and may be discontinued at any time. Purchases under the 2012 Program are subject to a review of the circumstances in place at the time and may be made from time to time as permitted by securities laws and other legal requirements. As of October 31, 2023, $256.4 million remained authorized for repurchase under the program.

During the year ended October 31, 2023, there were no share repurchases under the 2012 Program. During the year ended October 31, 2022, the Company repurchased 191.2 thousand shares of its common stock for $78.5 million, at an average purchase price of $410.41 per share.

Dividends

In fiscal 2023 and 2022, the Company declared regular dividends of 6 cents per share (a semiannual dividend of 3 cents per share) and paid a total of $3.0 million in each fiscal year. In December 2023, our Board of Directors decided to end the declaration of the semiannual dividend.

Subsequent Event

On December 7, 2023, we announced that our Board of Directors had approved a four-for-one stock split of our outstanding shares of common stock which we expect to be effected as of February 16, 2024.