Stock Repurchase Program

3 Months Ended

Jan. 31, 2022

Our Board of Directors (the Board) approved a stock repurchase program with authorization to purchase up to $1.0 billion of our common stock in December 2021. As of January 31, 2022, $750.0 million remained available for future repurchases under the program.

In December 2021, we entered into an accelerated share repurchase agreement (the December 2021 ASR) to repurchase an aggregate of $200.0 million of our common stock. Pursuant to the December 2021 ASR, we made a prepayment of $200.0 million to receive initial deliveries of shares valued at $160.0 million. The remaining balance of $40.0 million was settled in February 2022. Total shares purchased under the December 2021 ASR were approximately 0.6 million shares, at an average purchase price of $331.09 per share.

During the three months ended January 31, 2022, we also repurchased on the open market approximately 0.2 million shares of our common stock at an average price of $331.37 per share for an aggregate purchase price of $50.0 million.

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


	Three Months Ended January 31,
	2022(2)(3)		2021(1)
	(in thousands)
Total shares repurchased	701		837

Total cost of the repurchased shares	$	245,000	$	202,871
Reissuance of treasury stock	895		583

(1) Excluded the 166,726 shares and $50.0 million equity forward contract from the December 2020 ASR settled in March 2021.

(2) Included 107,701 shares and $35.0 million equity forward contract from the August 2021 ASR settled in November 2021.

(3) Excluded the 161,215 shares and $40.0 million equity forward contract from the December 2021 ASR settled in February 2022.