Share-Based Compensation Plans

9 Months Ended

Jul. 31, 2019

Share-based Payment Arrangement [Abstract]

The Company has several share-based compensation plans that are described in the Company’s Annual Report on Form 10‑K for the fiscal year ended October 31, 2018. The compensation expense and related income tax benefit recognized in our Consolidated Condensed Statements of Income for share-based awards were as follows:



Periods Ended July 31,	Three Months				Nine Months
(In millions)	2019		2018		2019		2018
Selling, general and administrative expense	$	6.8	$	6.7	$	22.1	$	30.3
Cost of sales	1.0		0.9		3.9		2.6
Research and development expense	0.5		0.5		2.4		1.6
Total share-based compensation expense	$	8.3	$	8.1	$	28.4	$	34.5
Related income tax benefit	$	1.1	$	1.5	$	4.0	$	7.1

Employee Stock Purchase Plan

On March 18, 2019, the Company received stockholder approval for the Employee Stock Purchase Plan (“ESPP”). The first offering period is for U.S. employees and is expected to begin on November 4, 2019. The purpose of the ESPP is to provide eligible employees of the Company with the opportunity to acquire shares of common stock at 85% of the market price on the last business day of each offering period by means of accumulated payroll deductions. Payroll deductions will be limited to maximum of 15% of the employee’s eligible compensation, not to exceed $21.3 thousand in any one calendar year. The ESPP would initially authorize the issuance of 1,000,000 shares of common stock. These shares will be made available from shares of common stock reacquired by the Company as Treasury Stock. At July 31, 2019, there were approximately 3.6 million shares of Treasury Stock.