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Common Stock Repurchase Program | 9 Months Ended
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Sep. 30, 2022
Common Stock Repurchase Program |
Common Stock Repurchase Program | 11. Common Stock Repurchase Program The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors. In the fourth quarter of 2021, we executed an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of our common stock. At the beginning of the repurchase period, we delivered $350 million in cash and received 1.7 million shares based on a stock price of $160.67. The ASR agreement completed in January 2022, at which time we received 0.4 million additional shares based on a final weighted average price of $160.33. During the nine months ended September 30, 2022, we entered into and completed three ASR agreements to repurchase $1.0 billion of our common stock, and we received 6.3 million shares based on a final weighted average price of $160.56. In addition, we also repurchased an additional 0.4 million shares in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $63 million, inclusive of per-share commissions, at a weighted average price of $151.30, of which $2 million was paid in October 2022. As of September 30, 2022, the Company has authorization for $437 million of future share repurchases. Any future share repurchases pursuant to this authorization of our Board of Directors will be made at the discretion of management and will depend on factors similar to those considered by the Board of Directors in making dividend declarations, including our net earnings, financial condition and cash required for future business plans, growth and acquisitions.

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2208821 + Details
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