Stock Repurchase Program

9 Months Ended

Jul. 31, 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. The Board approved a replenishment of the stock repurchase program to $500.0 million on June 17, 2021. As of July 31, 2021, $325.0 million remained available for future repurchases under the program.

In June 2021, the Company entered into an accelerated share repurchase agreement (the June 2021 ASR) to repurchase an aggregate of $175.0 million of the Company's common stock. Pursuant to the June 2021 ASR, the Company made a prepayment of $175.0 million to receive initial deliveries of shares valued at $140.0 million. The remaining balance of $35.0 million was settled in August 2021. Total shares purchased under the June 2021 ASR were approximately 0.6 million shares, at an average purchase price of $282.13 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 July 31,				Nine Months Ended July 31,
	2021(1)		2020(2)		2021(1)		2020(2)
	(in thousands)
Total shares repurchased	521		149		2,114		1,380

Total cost of the repurchased shares	$	140,000	$	20,000	$	538,082	$	200,000
Reissuance of treasury stock	564		999		2,093		2,807

(1) Does not include the 99,573 shares and $35.0 million equity forward contract from the June 2021 ASR.

(2) The third quarter of fiscal 2020 includes the settlement of the 148,953 shares and $20.0 million equity forward contract from the February 2020 ASR settled in May 2020.