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SHAREHOLDERS’ EQUITY | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY We repurchase our common stock mainly through open market repurchase plans and, at times, through accelerated share repurchase ("ASR") programs. Information about shares repurchased and retired was as follows for the years ended December 31, 2023, 2022 and 2021:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands, except per share amounts)
Number of shares repurchased and retired | 4,065 |  |  | 23,266 |  |  | 15,169 |
Cost of shares repurchased, including commissions and applicable excise taxes | $ | 413,667 |  |  | $ | 2,929,814 |  |  | $ | 2,513,629 |
Average cost per share | $ | 101.77 |  |  | $ | 125.93 |  |  | $ | 165.72 |
The share repurchase activity for the year ended December 31, 2021 included the repurchase of 2,491,161 shares at an average price of $200.71 per share under an ASR agreement we entered into on February 10, 2021 with a financial institution to repurchase an aggregate of $500 million of our common stock during the ASR program purchase period, which ended on March 31, 2021. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act into law, which, among other things, implemented a 1% excise tax on share repurchases effective beginning January 1, 2023. During the year ended December 31, 2023, we reflected excise taxes of $3.9 million within equity as part of the cost of common stock repurchased, net of share issuances, during the period. As of December 31, 2023, the amount available under our share repurchase program was $1,090.2 million. On January 25, 2024, our board of directors approved an increase to our existing share repurchase program authorization, which raised the total available authorization to $2.0 billion. On January 25, 2024, our board of directors declared a cash dividend of $0.25 per share payable on March 29, 2024 to common shareholders of record on March 15, 2024.

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