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Common Stock
12 Months Ended
Oct. 31, 2019
Common Stock [Abstract]  
Common Stock

14.Common Stock

 

All outstanding shares of the Company’s Voting Common Stock are deposited in a voting trust, the trustees of which have unrestricted voting rights with respect to the Voting Common Stock. The trustees of the voting trust are all officers of the Company. Non-Voting Common shares do not have voting rights under any circumstances. During fiscal 2019, the Company did not issue or repurchase any Voting Common Stock.

 

The Company’s current Non-Voting Common Stock share repurchase program was authorized on July 10, 2019. The Board authorized management to repurchase and retire up to 8.0 million shares of its Non-Voting Common Stock on the open market and in private transactions in accordance with applicable securities laws. The timing and amount of share purchases are subject to management’s discretion. The Company’s share repurchase program is not subject to an expiration date.

 

In fiscal 2019, the Company purchased and retired approximately 1.6 million shares of its Non-Voting Common Stock under the current repurchase authorization and approximately 5.8 million shares under a previous repurchase authorization. As of October 31, 2019, approximately 6.3 million additional shares may be repurchased under the current authorization.