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Common Stock Repurchase Programs | 12 Months Ended
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Dec. 31, 2023
Equity [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”). As of December 31, 2023, the authorization under the May 2021 Repurchase program was completed. In January 2023, our Board of Directors authorized a new plan to repurchase to $1.0 billion of our common stock (“January 2023 Repurchase Program”). As of December 31, 2023, we have $650.0 million available for repurchases under the January 2023 Repurchase Program. 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 each ASR, 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 for the year ended December 31, 2023 and 2022:
Agreement Date |  | Repurchase Program |  | Amount Paid (in millions) |  |  |  |  |  |  |  | Completion Date |  | Total Shares Received |  | Average Price per Share
Q2 2022 |  | May 2021 |  | $ | 200.0 |  |  |  |  |  |  |  |  | Q2 2022 |  | 756,502 |  |  | $ | 264.37 |
Q4 2022 |  | May 2021 |  | $ | 200.0 |  |  |  |  |  |  |  |  | Q1 2023 |  | 984,714 |  |  | $ | 203.10 |
Q1 2023 |  | May 2021 |  | $ | 250.0 |  |  |  |  |  |  |  |  | Q1 2023 |  | 805,908 |  |  | $ | 310.21 |
Q4 2023 |  | January 2023 |  | $ | 250.0 |  |  |  |  |  |  |  |  | N/A 1 |  | 1,049,538 |  |  | $ | 190.56 |
1 As of December 31, 2023, this ASR contract was open. Approximately 20% or $50 million of the Amount Paid was recorded as an equity forward contract within “Additional paid-in capital” in our Statement of Stockholders Equity. The Average price per share in the table is based on $200 million and 1.05 million shares initially delivered. On January 30, 2024 this ASR contract was settled and an additional 36,796 shares were delivered and retired. The average purchase price per share for the completed contract was $230.13 per share. Open Market Common Stock Repurchases During the year ended December 31, 2023, we repurchased on the open market approximately 0.5 million shares of our common stock at an average price of $214.81 per share, including commissions and fees, for an aggregate purchase price of approximately $100.0 million. 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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