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Common Stock Repurchase Programs | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Common Stock Repurchase Programs | Common Stock Repurchase Programs In May 2018, our Board of Directors authorized a plan to repurchase up to $600.0 million of our common stock (“May 2018 Repurchase Program”). As of December 31, 2021, the authorization under the May 2018 Repurchase Program was completed. In May 2021, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock (“May 2021 Repurchase Program”). As of December 31, 2022, we have $249.9 million available for repurchases under the May 2021 Repurchase Program. Subsequent to the fourth quarter, in January 2023, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock. Accelerated Share Repurchase Agreements (“ASRs”) We entered into ASRs providing for the repurchase of our common stock based on the volume-weighted average price during the term of the agreement, less an agreed upon discount. Under the terms of the ASRs, the financial institution may be required to deliver additional shares of common stock at final settlement or, under certain circumstances, we may be required at our election, to either deliver shares or make a cash payment to the financial institution. The ASRs limit the number of shares we would be required to deliver. The following table summarizes the information regarding repurchases of our common stock under ASRs:
Agreement Date |  | Repurchase Program |  | Amount Paid (in millions) |  |  |  |  |  |  |  | Completion Date |  | Total Shares Received |  | Average Price per Share
Q2 2021 |  | May 2018 |  | $ | 100.0 |  |  |  |  |  |  |  |  | Q3 2021 |  | 171,322 |  |  | $ | 583.70 |
Q2 2021 |  | May 2021 |  | $ | 100.0 |  |  |  |  |  |  |  |  | Q3 2021 |  | 161,707 |  |  | $ | 618.40 |
Q3 2021 |  | May 2021 |  | $ | 75.0 |  |  |  |  |  |  |  |  | Q3 2021 |  | 109,239 |  |  | $ | 686.91 |
Q4 2021 |  | May 2021 |  | $ | 100.0 |  |  |  |  |  |  |  |  | Q4 2021 |  | 150,031 |  |  | $ | 666.53 |
Q2 2022 |  | May 2021 |  | $ | 200.0 |  |  |  |  |  |  |  |  | Q2 2022 |  | 756,502 |  |  | $ | 264.37 |
Q4 2022 |  | May 2021 |  | $ | 200.0 |  |  |  |  |  |  |  |  | N/A 1 |  | 848,266 |  |  | $ | 188.62 |
1 As of December 31, 2022, the contract was open and we recorded the remaining equity forward contract at a fair value of $40.0 million which was included within “Additional paid-in capital” in stockholders' equity in our Consolidated Balance Sheet. Subsequent to the fourth quarter, the ASR was completed and 0.1 million additional shares were received at an average price per share of $293.15. Subsequent to the fourth quarter, on February 3, 2023, we entered into an ASR to repurchase $250.0 million of our common stock, completing our 2021 Repurchase Program. We paid $250.0 million and received an initial delivery of approximately 0.6 million shares based on current market prices. The final number of shares to be repurchased will be based on our volume-weighted average stock price under the terms of the ASR, less an agreed upon discount. Open Market Common Stock Repurchases During the year ended December 31, 2022, we repurchased on the open market approximately 0.1 million shares of our common stock at an average price of $522.61 per share, including commissions and fees, for an aggregate purchase price of $75.0 million.

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