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SHAREHOLDERS’ EQUITY
 7 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY

We make repurchases of our common stock mainly through the use of open market purchases and accelerated share repurchase programs ("ASR's"). Our board of directors has authorized management to repurchase up to a specified amount of our common stock, of which $88.7 million may yet be repurchased as of December 31, 2016. On January 5, 2017, our board of directors increased the authorization to repurchase up to $300 million of our common stock.

2016 Fiscal Transition Period

During the 2016 fiscal transition period we repurchased and retired 2.5 million shares of our common stock at a cost of $178.2 million, or an average of $70.77 per share, including commissions, through open market repurchase plans.

Fiscal Year Ended May 31, 2016

On April 25, 2016, we entered into an ASR with a financial institution to repurchase an aggregate of $50 million of our common stock. In exchange for an up-front payment of $50 million, the financial institution committed to deliver a number of shares during the ASR's purchase period, which ended on June 23, 2016. On April 26, 2016, 545,777 shares were initially delivered to us. At May 31, 2016, we accounted for the variable component of remaining shares to be delivered under the ASR as a forward contract indexed to our common stock which met all of the applicable criteria for equity classification. On June 23, 2016, an additional 127,435 shares were delivered to us. The total number of shares delivered under this ASR was 673,212 shares at an average price of $74.27 per share.

In addition to shares repurchased under the ASR during the fiscal year ended May 31, 2016, we repurchased and retired 1.5 million shares of our common stock at a cost of $85.9 million, or an average of $58.12 per share, including commissions, through open market repurchase plans.

Fiscal Year Ended May 31, 2015

On April 10, 2015, we entered into an ASR with a financial institution to repurchase an aggregate of $100 million of our common stock. In exchange for an up-front payment of $100 million, we repurchased 1,955,730 shares at an average price of $51.13 per share. In addition to shares repurchased under the ASR during the fiscal year ended May 31, 2015, we repurchased and retired 7.0 million shares of our common stock at a cost of $269.0 million, or an average of $38.19 per share, including commissions.

Fiscal Year Ended May 31, 2014

On October 7, 2013, we entered into an ASR with a financial institution to repurchase an aggregate of $100 million of our common stock. In exchange for an upfront payment of $100 million, we repurchased 3.2 million shares at an average price of $30.48 per share. In addition to shares repurchased under the ASR during the fiscal year ended May 31, 2014, we repurchased and retired 12.4 million shares of our common stock at a cost of $355.0 million, or an average of $28.65 per share, including commissions.