Stock Repurchase Program

6 Months Ended

Apr. 30, 2021

The Company’s Board of Directors (the Board) previously approved a stock repurchase program pursuant to which the Company was authorized to purchase up to $500.0 million of its common stock and has periodically replenished the stock repurchase program to such amount. As of April 30, 2021, $59.8 million remained available for future repurchases under the program.

In December 2020, the Company entered into an accelerated share repurchase agreement (the December 2020 ASR) to repurchase an aggregate of $250.0 million of the Company's common stock. Pursuant to the December 2020 ASR, the Company made a prepayment of $250.0 million to receive initial deliveries of shares valued at $200.0 million. The remaining balance of $50.0 million was settled in March 2021. Total shares purchased under the December 2020 ASR were approximately 1.0 million shares, at an average purchase price of $252.36 per share.

In April 2021, the Company entered into an accelerated share repurchase agreement (the April 2021 ASR) to repurchase an aggregate of $100.0 million of the Company's common stock. The total shares purchased under the April 2021 ASR were approximately 0.4 million shares, at an average purchase price of $253.54 per share.

Stock repurchase activities as well as the reissuance of treasury stock for employee stock-based compensation purposes are as follows:


	Three Months Ended April 30,				Six Months Ended April 30,
	2021(1)		2020(2)		2021		2020(2)
	(in thousands)
Total shares repurchased	756		652		1,593		1,231

Total cost of the repurchased shares	$	195,211	$	100,000	$	398,082	$	180,000
Reissuance of treasury stock	946		1,358		1,529		1,808

(1) Includes the 166,276 shares and $50.0 million equity forward contract, respectively, from the December 2020 ASR.

(2) Does not include the 148,953 shares and $20.0 million equity forward contract, respectively, from the February 2020 ASR settled in May 2020.