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TREASURY STOCK | 6 Months Ended
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Jun. 30, 2024
TREASURY STOCK |
TREASURY STOCK |
14. | TREASURY STOCK
On November 2, 2022, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2022 Repurchase Plan”). During the three-months ended June 30, 2024, the Company repurchased approximately 2.2 million shares of its common stock at an average purchase price of $49.55 per share, for a total amount of approximately $107.7 million (excluding broker commissions), under the November 2022 Repurchase Plan. Subsequent to June 30, 2024, the Company repurchased approximately 0.7 million shares of its common stock at an average purchase price of $49.82 per share, for a total amount of approximately $34.7 million (excluding broker commissions), under the November 2022 Repurchase Plan. As of August 6, 2024, no amount remained available for repurchase under the November 2022 Repurchase Plan. On November 7, 2023, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2023 Repurchase Plan”). During the three-months ended June 30, 2024, no shares were repurchased under the November 2023 Repurchase Plan. Subsequent to June 30, 2024, the Company repurchased approximately 3.2 million shares of its common stock at an average purchase price of $49.54 per share, for a total amount of approximately $157.6 million (excluding broker commissions), under the November 2023 Repurchase Plan. As of August 6, 2024, $342.4 million remained available for repurchase under the November 2023 Repurchase Plan. The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $342.4 million as of August 6, 2024. On May 1, 2024, the Board of Directors authorized the Company to execute a modified “Dutch auction” tender offer to repurchase up to $3.0 billion of its outstanding shares of common stock. On May 8, 2024, the Company commenced the tender offer, with such offer expiring on June 5, 2024. On June 10, 2024, the Company accepted for purchase a total of approximately 56.6 million shares of common stock at a purchase price of $53.00 per share, for an aggregate purchase price of approximately $3.0 billion. The repurchase was funded with approximately $2.25 billion of cash on hand and approximately $750 million in borrowings. The cost of these shares and the fees relating to the tender offer are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June 30, 2024.

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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 -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505-30/tableOfContent + Details
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