Subsequent Events

12 Months Ended

Oct. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In December 2014, the Company entered into an accelerated share repurchase agreement (2015 ASR) to repurchase an aggregate of $180.0 million of the Company’s common stock. Pursuant to the 2015 ASR, the Company made a prepayment of $180.0 million and received an initial share delivery of shares valued at $144.0 million with an average purchase price of $43.77 per share. The remaining balance of $36.0 million will be settled within six months or earlier upon completion of the repurchase. Under the terms of the 2015 ASR, the specific number of shares that the Company ultimately repurchases will be based on the volume weighted average share price of the Company’s common stock during the repurchase period, less a discount.

In December 2014, the Company drew down $250.0 million under the Revolver, primarily to finance the 2015 ASR.

In November 2014, the Company initiated a voluntary retirement program (VRP) and a minimal headcount reduction program. The estimated cost of these programs is approximately $15 to $19 million. The VRP program was offered to certain eligible employees in the United States and enrollment for those employees was completed on November 21, 2014.

In November 2014, the Company also changed its time-off policy for U.S. employees. Under the new policy, exempt employees do not accrue paid time off and are not limited to or allotted a specific amount of paid time off. The Company will freeze the earned time off as of January 3, 2015 and the frozen amount will be paid to the employees in two installments in July 2015 and March 2016.