Stockholder's equity

12 Months Ended

Dec. 31, 2022

Shareholders’ equity

Stock repurchases

The following table summarizes the Company's repurchases of its common stock during the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Open market repurchases
Shares	8,095		13,877		8,495
Amounts paid	$	787,854	$	1,546,016	$	741,850
Average paid per share	$	97.33	$	111.41	$	87.32

Tender offer (1)
Shares	—		—		7,982
Amounts paid	$	—	$	—	704,917
Average paid per share	$	—	$	—	88.32

Total
Shares	8,095		13,877		16,477
Amounts paid	$	787,854	$	1,546,016	$	1,446,767
Average paid per share	$	97.33	$	111.41	$	87.80

(1)The aggregate amounts paid for shares repurchased pursuant to the Company's 2020 tender offer for its shares during the year ended 2020, include the clearing price of $88.00 per share, plus related fees and expenses of $2,529.

Subsequent to December 31, 2022 through February 22, 2023, the Company did not repurchase any shares.

Effective on December 10, 2020, the Board terminated all remaining prior share repurchase authorizations available to the Company and approved a new share repurchase authorization of $2,000,000. Effective on December 17, 2021, the Board increased the Company's existing authorization by $2,000,000. The Company is authorized to make purchases from time to time in the open market or in privately negotiated transactions, including without limitation, through accelerated share repurchase transactions, derivative transactions, tender offers, Rule 10b5-1 plans or any combination of the foregoing, depending upon market conditions and other considerations.

As of February 22, 2023, the Company has a total of $1,596,085 available under the current authorization for additional share repurchases. Although this share repurchase authorization does not have an expiration date, the Company remains subject to share repurchase limitations, including under the terms of its senior secured credit facilities.

The Company retired all shares held in its treasury effective as of December 31, 2022 and December 31, 2021.

Charter documents & Delaware law

The Company’s charter documents include provisions that may deter hostile takeovers, delay or prevent changes of control or changes in management, or limit the ability of stockholders to approve transactions that they may otherwise determine to be in their best interests. These include provisions prohibiting stockholders from acting by written consent, requiring 90 days advance notice for director nominations and stockholder proposals and granting the Company's Board of Directors the authority to issue up to 5,000 shares of preferred stock and to determine the rights and preferences of the preferred stock without the need for further stockholder approval.

The Company is also subject to Section 203 of the Delaware General Corporation Law which, subject to exceptions, prohibits the Company from engaging in any business combinations with any interested stockholder, as defined in that section, for a period of three years following the date on which that stockholder became an interested stockholder. The provisions described above may discourage, delay or prevent an acquisition of the Company at a price that stockholders may find attractive.

Changes in DaVita Inc.’s ownership interests in consolidated subsidiaries

The effects of changes in DaVita Inc.’s ownership interests in consolidated subsidiaries on the Company’s consolidated equity were as follows:


	Year ended December 31,
	2022		2021		2020
Net income attributable to DaVita Inc.	$	560,400	$	978,450	$	773,642
Changes in paid-in capital for:
Purchases of noncontrolling interests	(6,586)		(13,853)		4,364
Sales of noncontrolling interest	939		(264)		—
Net transfers in noncontrolling interests	(5,647)		(14,117)		4,364
Net income attributable to DaVita Inc. net of transfers in noncontrolling interests	$	554,753	$	964,333	$	778,006

The Company acquired additional ownership interests in several existing majority-owned partnerships for $20,775, $20,104 and $7,831 in 2022, 2021 and 2020, respectively.