XML 27 R14.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Stock Repurchases | 3 Months Ended
--- | ---
Oct. 31, 2016
Equity [Abstract] |
Common Stock Repurchases | NOTE 7 – Stock Repurchases On September 22, 2011, the Company’s Board of Directors approved a 40 million share increase in the stock repurchase program, bringing the total current authorization to 98 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the stock repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as the Company deems appropriate and may be discontinued at any time. The Company did not repurchase any shares of its common stock under the program during the three months ended October 31, 2016 or 2015. As of October 31, 2016, the total number of shares repurchased under the program was 53,456,801, and 44,543,199 shares were available for repurchase under the program. On July 9, 2015, the Company completed a modified “Dutch Auction” tender offer, or tender offer, to purchase up to 13,888,888 shares of its common stock at a price not greater than $36.00 nor less than $34.75 per share. In connection with the tender offer, the Company accepted for payment an aggregate of 6,254,061 shares of its common stock at a purchase price of $36.00 per share for a total value of $225.1 million. Additionally, on December 30, 2015, the Company completed a modified “Dutch Auction” tender offer, or tender offer, to purchase up to 7,317,073 shares of its common stock at a price not greater than $41.00 nor less than $38.00 per share. In connection with the tender offer, the Company accepted for payment an aggregate of 8,333,333 shares of its common stock at a purchase price of $39.00 per share for a total value of $325.0 million. The Company’s directors and executive officers did not participate in the tender offers. The shares repurchased as a result of the tender offers were not part of the Company’s stock repurchase program. In fiscal 2017 and 2016, certain executive officers and employees exercised stock options through cashless exercises. A portion of the options exercised were net settled in satisfaction of the exercise price and federal and state minimum statutory tax withholding requirements. The Company remitted $134.6 million for the three months ended October 31, 2016 to the proper taxing authorities in satisfaction of the employees’ minimum statutory withholding requirements. The exercised stock options, utilizing a cashless exercise, are summarized in the following table:
Period |  | Options Exercised |  | Weighted Average Exercise Price |  | Shares Net Settled for Exercise |  | Shares Withheld for Taxes(1) |  | Net Shares to Employees |  | Weighted Average Share Price for Withholding |  | Tax Withholding (in 000s)
FY 2016—Q4 |  | 1,130,000 |  |  | $ | 18.64 |  |  | 410,648 |  |  | 293,152 |  |  | 426,200 |  |  | $ | 51.30 |  |  | $ | 15,039 |
FY 2017—Q1 |  | 9,000,000 |  |  | 15.39 |  |  | 2,704,486 |  |  | 2,627,661 |  |  | 3,667,853 |  |  | 51.23 |  |  | 134,615 |
(1) | Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Company’s stock repurchase program.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References No definition available. + Details
Name: | us-gaap_TreasuryStockTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration