Stock Repurchase Program

12 Months Ended

Oct. 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 up to $500.0 million on June 17, 2021. As of October 31, 2021, $110.0 million remained available for future repurchases under the program. In December 2021, our Board approved a stock repurchase program with authorization to purchase up to $1.0 billion of our common stock.

In August 2021, the Company entered into an accelerated share repurchase agreement (the August 2021 ASR) to repurchase an aggregate of $175.0 million of the Company's common stock. Pursuant to the August 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 November 2021. Total shares purchased under the August 2021 ASR were approximately 0.5 million shares, at an average purchase price of $325.0 per share.

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


	Year Ended October 31,
	2021		2020		2019
	(in thousands, except per share price)
Shares repurchased(1)	2,780		1,585		2,732
Average purchase price per share(1)	$	270.84	$	152.76	$	120.49
Aggregate purchase price(1)	$	753,081	$	242,078	$	329,185
Reissuance of treasury stock	3,224		3,872		3,798

(1) Excludes 107,701 shares and $35.0 million equity forward contract that was settled in November 2021.