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Common Stock Repurchase Programs (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accelerated Stock Repurchases

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/A1						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.

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- Definition

Tabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 25
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481138/505-30-25-5

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- References

No definition available.

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