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Share Repurchases
 9 Months Ended
Sep. 30, 2022
Share Repurchases [Abstract]  
Stockholders' Equity Note Disclosure Share Repurchases
Following the completion of our $1.0 billion share repurchase program authorized in 2021, our Board of Directors approved the establishment of a new $1.0 billion share repurchase program. Following the exhaustion of this program, our Board of Directors authorized a $2.0 billion share repurchase program in the third quarter of 2022. Our repurchase programs allow the Company to repurchase shares of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise and have no set expiration date.
On February 24, 2022, pursuant to existing stock repurchase authorizations, we entered into an accelerated share repurchase (“ASR”) agreement with a third-party financial institution to repurchase $400 million of our Common Stock. At inception, we paid the financial institution $400 million and took initial delivery of 7,056,229 shares of our Common Stock. Under the terms of the ASR agreement, upon settlement, we would either receive additional shares from the financial institution or be required to deliver additional shares or cash to the financial institution. In the second quarter of 2022, the ASR agreement was completed and we paid the financial institution an additional $54.2 million. When combining the initial $400 million paid at the inception of the ASR agreement and the cash settlement of $54.2 million at the termination of the ASR agreement, we repurchased approximately 7,056,229 shares at an average repurchase price of $64.37 per share.
During the three and nine months ended September 30, 2022, we repurchased 11,666,578 and 29,400,562 shares of Common Stock, respectively, in the open market for approximately $574.8 million and $1.6 billion, respectively. This includes the 7,056,229 shares purchased under the ASR agreement.
The extent to which we repurchase our shares and the timing of any such repurchases depend on a number of factors, including market and business conditions, the price of our shares, and corporate, regulatory and other considerations.