COMMON STOCK REPURCHASES

9 Months Ended

Jul. 31, 2016

Equity [Abstract]

COMMON STOCK REPURCHASES

COMMON STOCK REPURCHASES

During second quarter of fiscal 2015, the Company purchased 700,003 shares of its common stock in open-market transactions at an average price of $78.85 per share. In accordance with ASC 505-30, the Company elected to allocate the excess of the repurchase price over par value between paid-in capital and retained earnings. As a result, approximately $40.5 million of the excess repurchase price over par value was allocated to paid-in capital and approximately $14.0 million was allocated to retained earnings.