Subsequent Events

9 Months Ended

Jul. 31, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On September 2, 2015, we entered into an amendment (the “Sixth Amendment”) to our Credit Agreement dated as of November 30, 2010, with Bank of America, N.A., as administrative agent, swing line lender, and letter of credit issuer, and with the other lender parties thereto. The Sixth Amendment amends the definition of Consolidated EBITDA which is used to calculate certain leverage and financial covenants to provide addbacks for: (i) restructuring charges arising out of our transformation strategy, which we announced on September 2, 2015, (ii) adjustments with respect to insurance liabilities for periods prior to 2015, and (iii) costs arising from the consolidation of locations, subject to the limitation that the aggregate amount of all addbacks not exceed $75.0 million. In addition, the Sixth Amendment permits us to dispose of certain assets and to repurchase our common stock without regard to a cap so long as certain leverage tests are met.

On September 2, 2015, our Board of Directors replaced the existing $50.0 million share repurchase program authorized in September 2012 with a new $200.0 million share repurchase program under which we may purchase up to $200.0 million of our common stock. These purchases may take place on the open market or otherwise, and all or part of the repurchases may be made pursuant to the terms of a Rule 10b5-1 plan, or in privately negotiated transactions, at such times and for such prices as we shall determine in our discretion. This share repurchase program may be suspended or discontinued at any time without prior notice.