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Equity | 6 Months Ended
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May 31, 2023
Equity [Abstract] |
EQUITY | EQUITY: Share Repurchase Program In June 2020, the Board of Directors authorized a three-year $400.0 million share repurchase program, effective July 1, 2020. In January 2023, the Board of Directors authorized a new three-year $1.0 billion share repurchase program, replacing the existing $400.0 million share repurchase program, pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions. On January 30, 2023, the Company announced the closing of a secondary public offering (the "Offering") of an aggregate of 5.2 million shares of its common stock that were sold by certain entities managed by affiliates of Apollo Global Management, Inc (the "Selling Stockholders"). All the shares in the Offering were sold by the Selling Stockholders. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the Offering. Also pursuant to the related underwriting agreement, the Company repurchased 0.9 million shares of its common stock from the underwriters as part of the Offering, at the public offering price of $97.00 per share, resulting in a purchase price of $87.3 million (the "Concurrent Share Repurchase"). The Concurrent Share Repurchase was made under the Company's existing $1.0 billion share repurchase program, and is included within the caption "Shares of treasury stock purchased under share repurchase program" in the table below. As of May 31, 2023, the Company had $841.7 million available for future repurchases of its common stock under the authorized share repurchase program. The Company's common share repurchase activity for the six months ended May 31, 2023 is summarized as follows:
| Shares |  | Weighted-average price per share
Treasury stock balance at November 30, 2022 | 4,049 |  |  | $ | 83.29 |
Shares of treasury stock repurchased under share repurchase program (1) | 1,840 |  |  | 95.00 |
Shares of treasury stock repurchased for tax withholdings on equity awards | 74 |  |  | 104.99 |
Treasury stock balance at May 31, 2023 | 5,963 |  |  | $ | 87.40 |
_________________________ (1) Weighted-average price per share excludes broker's commissions and excise taxes. "Repurchases of common stock" in the Consolidated Statements of Cash Flows for the six months ended May 31, 2023 excludes $1.4 million of accrued excise tax that is included in "Other current liabilities" and "Treasury stock" on the Consolidated Balance Sheets at May 31, 2023. Excise taxes when paid are classified as operating activities in the Consolidated Statements of Cash Flows. Dividends On June 27, 2023, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.35 per common share payable on July 28, 2023 to stockholders of record as of the close of business on July 14, 2023. Dividends are subject to continued capital availability and declaration by the Board of Directors that the dividend is in the best interest of the Company’s stockholders.

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