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STOCK REPURCHASE PROGRAM
9 Months Ended
Jul. 31, 2016
Equity [Abstract]  
STOCK REPURCHASE PROGRAM
STOCK REPURCHASE PROGRAM

In January 2016, our board of directors authorized a stock repurchase program for up to an aggregate of $50.0 million of the Company’s outstanding common stock. In July 2016, our board of directors authorized the stock repurchase program to be increased for up to an aggregate of $56.3 million of the Company’s outstanding common stock.

On July 18, 2016, the Company entered into an agreement with the CD&R Funds to repurchase approximately 2.9 million shares of our common stock at the price per share equal to the price per share paid by the underwriters to the CD&R Funds in the Secondary Offering (the “Stock Repurchase”). The Stock Repurchase represented a private, non-underwritten transaction between the Company and the CD&R Funds that was approved and recommended by the Affiliate Transactions Committee of our board of directors. The closing of the Stock Repurchase occurred on July 25, 2016 concurrently with the closing of the Secondary Offering. Following completion of the Stock Repurchase, the Company canceled the shares repurchased from the CD&R Funds, resulting in a $45.0 million decrease in both additional paid in capital and treasury stock. The Stock Repurchase was funded by the Company’s cash on hand.

During the three and nine months ended July 31, 2016, we repurchased approximately 2.9 million shares for $45.0 million and 4.0 million shares for $56.3 million, respectively, under the stock repurchase program. Following the Stock Repurchase, the Company has repurchased the maximum amount authorized under the stock repurchase program. Approximately 0.1 million shares remain authorized for repurchase under a previous program. The previously authorized program has no time limit on its duration, but our Credit Agreement, Amended ABL Facility, and Notes apply certain limitations on our repurchase of shares of our common stock. The timing and method of any repurchases, which will depend on a variety of factors, including market conditions, are subject to results of operations, financial conditions, cash requirements and other factors, and may be suspended or discontinued at any time. In addition to the common stock repurchased during the three and nine months ended July 31, 2016 under our stock repurchase programs, we also withheld shares of restricted stock to satisfy minimum tax withholding obligations arising in connection with the vesting of restricted stock units, which are included in treasury stock purchases in the consolidated statements of stockholders’ equity.