XML 47 R30.htm IDEA: XBRL DOCUMENT
v3.24.0.1

REPURCHASES OF COMMON STOCK | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity [Abstract] |
REPURCHASES OF COMMON STOCK | REPURCHASES OF COMMON STOCK As of December 31, 2023, our Board of Directors has authorized the repurchase of u p to 73.0 million sh ares of our common stock in the open market or in negotiated transactions pursuant to the Company’s share repurchase program. We believe that the repurchase of our common stock is a favorable means of returning value to our stockholders, and we also repurchase to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing and deployment activities, as well as share price and prevailing interest rates. As of December 31, 2023, there are approximately 2.9 million remaining shares available for repurchase under this authorization. We primarily acquire shares by repurchases in the open market. However, we also acquire shares that are surrendered by employees in payment for the minimum required statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the years ended December 31, 2023, 2022, and 2021, was not material. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022, and is included in the cost of treasury stock acquired in repurchases in the open market for the current year. The following is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrenders:
(in thousands, except per share amounts) |  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Shares repurchased in the open market |  | 155 |  |  | 1,963 |  |  | 1,283 |
Shares acquired through employee surrenders for statutory tax withholding |  | 20 |  |  | 21 |  |  | 29 |
Total shares repurchased |  | 175 |  |  | 1,984 |  |  | 1,312 |
Cost of shares repurchased in the open market |  | $ | 72,639 |  |  | $ | 810,942 |  |  | $ | 755,545 |
Cost of shares for employee surrenders |  | 9,974 |  |  | 10,606 |  |  | 15,562 |
Total cost of shares |  | $ | 82,613 |  |  | $ | 821,548 |  |  | $ | 771,107 |
Average cost per share - open market repurchases |  | $ | 468.84 |  |  | $ | 413.12 |  |  | $ | 588.58 |
Average cost per share - employee surrenders |  | $ | 503.28 |  |  | $ | 501.89 |  |  | $ | 548.08 |
Average cost per share - total |  | $ | 472.74 |  |  | $ | 414.06 |  |  | $ | 587.70 |

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 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
Name: | us-gaap_TreasuryStockTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration