Shareholders' equity

6 Months Ended

Jun. 30, 2024

Shareholders' equity

Stock-based compensation

During the six months ended June 30, 2024, the Company granted 701 stock-settled restricted and performance stock units with an aggregate grant-date fair value of $96,954 and a weighted average expected life of approximately 3.4 years.

As of June 30, 2024, the Company had $174,104 in total estimated but unrecognized stock-based compensation expense under the Company's equity compensation and employee stock purchase plans. The Company expects to recognize this expense over a weighted average remaining period of 1.4 years.

Share repurchases

The following table summarizes the Company's common stock repurchases during the three and six months ended June 30, 2024:


	Three months ended June 30, 2024					Six months ended June 30, 2024
	Shares repurchased	Amount paid(1)		Average price paid per share(2)		Shares repurchased	Amount paid(1)		Average price paid per share(2)
Open market repurchases:	2,655	$	375,831	$	140.14	4,774	$	615,948	$	127.98

(1)Includes commissions and the 1% excise tax imposed on certain stock repurchases made after December 31, 2022 by the Inflation Reduction Act of 2022. The excise tax is recorded as part of the cost basis of treasury stock repurchased and, as such, is included in stockholders’ equity.

(2)Excludes commissions and the excise tax described above.

Subsequent to June 30, 2024 through August 2, 2024, the Company repurchased $1,134 shares of its common stock for $158,962 at an average price paid of $138.81 per share. The Company did not repurchase any shares during the three and six months ended June 30, 2023.

As of June 30, 2024, the Company is authorized to make share repurchases pursuant to a December 17, 2021 Board authorized repurchase plan of $2,000,000. This authorization allows the Company 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 August 2, 2024, the Company has a total of $543,360, excluding excise taxes, 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.