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REPURCHASES OF COMMON STOCK
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
REPURCHASES OF COMMON STOCK REPURCHASES OF COMMON STOCK
We primarily acquire shares by repurchases in the open market. 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 three months ended March 31, 2024, and 2023, 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 open market repurchases.

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 Three Months Ended
March 31,
20242023
  
Shares repurchased in the open market303 — 
Shares acquired through employee surrenders for statutory tax withholding18 19 
Total shares repurchased321 19 
Cost of shares repurchased in the open market$167,102 $— 
Cost of shares for employee surrenders10,189 9,597 
Total cost of shares$177,291 $9,597 
Average cost per share - open market repurchases$550.90 $— 
Average cost per share - employee surrenders$560.56 $503.65 
Average cost per share - total$551.45 $503.65