Share Repurchase Program

3 Months Ended

Nov. 30, 2017

Equity [Abstract]

Share Repurchase Program

Share Repurchase Program

In October 2016, the Company's Board of Directors increased the authorization under the share repurchase program by $40.0 million. During fiscal year 2017, approximately 6.7 million shares were repurchased for a total cost of $172.9 million, resulting in an average price per share of $25.71.  In August 2017, the Board of Directors approved an incremental $160.0 million share repurchase authorization of the Company's outstanding shares of common stock through August 31, 2018.

During the firstthree months of fiscal year 2018, approximately 1.7 million shares were repurchased for a total cost of $40.8 million, resulting in an average price per share of $24.51. The total remaining authorized under the share repurchase program as of November 30, 2017 was $119.2 million.

Share repurchases may be made from time to time in the open market or otherwise, including through an accelerated share repurchase program, under terms of a Rule 10b5-1 plan, in privately negotiated transactions or in round lot or block transactions.  The share repurchase program may be extended, modified, suspended or discontinued at any time.