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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity The following table summarizes our common share repurchases and issuances.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Shares and per share amounts in actuals) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Common stock repurchased under repurchase programs(1) |  | — |  |  | 1,191,544 |  |  | 16,389,696 |  |  | 30,721,944 |
Average purchase price per share(2) |  | $ | — |  |  | $ | 14.14 |  |  | $ | 15.71 |  |  | $ | 18.00 |
Shares repurchased related to employee stock-based compensation plans(3) |  | 10,687 |  |  | 448 |  |  | 1,088,330 |  |  | 1,131,351 |
Average purchase price per share |  | $ | 16.14 |  |  | $ | 13.99 |  |  | $ | 15.45 |  |  | $ | 18.36 |
Common shares issued(4) |  | 200,886 |  |  | 4,682 |  |  | 3,073,639 |  |  | 3,093,392 |
(1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2021 Share Repurchase Program. There was $326 million of capacity remaining under the 2022 Share Repurchase Program at September 30, 2023. (2) Average purchase price per share includes purchase commission costs and excise taxes. (3) Comprised of shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (4) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on the NASDAQ Global Select Market on September 29, 2023 was $13.62. Common Stock Dividends In both September 2023 and September 2022, we paid a common stock dividend of $0.11 per common share. Share Repurchases On January 27, 2021, we announced a share repurchase program (the “2021 Share Repurchase Program”), which was effective upon announcement and expired on January 26, 2023, and originally permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion. In October 2021, our Board of Directors approved a $250 million increase in the amount of common stock that may be repurchased under our 2021 Share Repurchase Program. This was in addition to the original $1.25 billion of authorization announced on January 27, 2021, for a total 2021 Share Repurchase Program authorization of $1.5 billion. Under the 2021 Share Repurchase Program, we repurchased 2.0 million shares of common stock for $38 million in the nine months ended September 30, 2022. We have utilized all capacity under the 2021 Share Repurchase Program. On January 26, 2022, we announced a new share repurchase program (the “2022 Share Repurchase Program”), which was effective upon announcement and expires on January 25, 2024, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion. Under the 2022 Share Repurchase Program, we did not repurchase shares of common stock in the three months ended September 30, 2023, and we repurchased 16.4 million shares of common stock for $257 million in the nine months ended September 30, 2023. Under the 2022 Share Repurchase Program, we also repurchased 1.2 million shares of common stock for $17 million in the three months ended September 30, 2022, and 28.7 million shares of common stock for $515 million in the nine months ended September 30, 2022. We had $326 million of capacity remaining under the 2022 Share Repurchase Program at September 30, 2023. So long as there is unexpired capacity under a given repurchase program, repurchases under the programs may occur from time to time and through a variety of methods, including tender offers, open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, or other similar transactions. The timing and volume of any repurchases under the 2022 Share Repurchase Program will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the program or at all. Share Repurchases under Rule 10b5-1 trading plansDuring the three months ended September 30, 2023, we did not repurchase shares of our common stock under any share repurchase program. During the three months ended September 30, 2022, we repurchased 1.2 million shares of our common stock at a total cost of $17 million, and during the nine months ended September 30, 2023 and 2022, we repurchased 16.4 million and 30.7 million shares, respectively, of our common stock at a total cost of $257 million and $553 million, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.

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