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Common Stock Repurchase Programs | 9 Months Ended
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Sep. 30, 2023
Disclosure Common Stock Repurchase Program Additional Information [Abstract] |
Common Stock Repurchase Programs | Common Stock Repurchase Programs 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”), which was completed in March 2023. In January 2023, our Board of Directors authorized a new plan to repurchase up to $1.0 billion of our common stock (“January 2023 Repurchase Program”), none of which had been utilized as of September 30, 2023. The January 2023 Repurchase Program does not have an expiration date. Accelerated Share Repurchase Agreements (“ASRs”) During the three months ended March 31, 2023, we entered into or completed 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. We did not enter into any ASRs during the three months ended September 30, 2023. The following table summarizes the information regarding repurchases of our common stock under the ASRs:
Agreement Date |  | Repurchase Program |  | Amount Paid (in millions) |  | Completion Date |  | Total Shares Received |  | Average Price per Share
Q4 2022 |  | May 2021 |  | N/A 1 |  | Q1 2023 |  | 136,448 |  |  | $ | 293.15 |
Q1 2023 |  | May 2021 |  | $ | 250.0 |  |  | Q1 2023 |  | 805,905 |  |  | $ | 310.21 |
1 During the fourth quarter of 2022, we entered into a $200.0 million ASR which was not completed as of December 31, 2022. During the first quarter of 2023, we paid a final $40.0 million related to the $200.0 million ASR, closing this ASR with the final delivery of shares. As of September 30, 2023, $1.0 billion remains available for repurchases under the January 2023 Stock Repurchase Program. Subsequent to the third quarter, on October 26, 2023, we entered into an ASR to repurchase $250.0 million of our common stock. We made an initial payment of $250.0 million and received an initial delivery of approximately one million shares. The exact 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.

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