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EQUITY
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Equity EQUITY

On July 28, 2021, the Board of Directors of the Company approved an increase to $1.0 billion in the value of shares of common stock that may be repurchased under the share repurchase program. Share repurchases may be made through open market purchases, Rule 10b5-1 plans, accelerated share repurchases, privately negotiated transactions or other transactions in such amounts and at such times as the Company deems appropriate based upon prevailing market and business conditions and other factors.



For the years ended December 31, 2021, 2020 and 2019, the Company repurchased outstanding shares of common stock at a cost of $200 million, $140 million and $260 million, respectively. At December 31, 2021, the Company had authorization to repurchase $890 million in shares of common stock remaining under the share repurchase program.



For the years ended December 31, 2021, 2020 and 2019, the Company received proceeds of $51 million, $11 million and $109 million, respectively, primarily as a result of stock options exercised in the amount of 1.1 million, 0.3 million and 2.7 million in each of the years, respectively. It is the Company’s practice to issue shares from treasury stock when options are exercised.

Total outstanding shares of common stock and treasury stock were as follows:
(in millions) Shares of Common Stock Shares of Treasury Stock
Outstanding
Shares
Balance at December 31, 2018 264.5  (41.5) 223.0 
Shares of treasury stock issued —  3.1  3.1 
Repurchase of common stock at an average cost of $54.18
 —  (4.8) (4.8)
Balance at December 31, 2019 264.5  (43.2) 221.3 
Shares of treasury stock issued —  1.1  1.1 
Repurchase of common stock at an average cost of $38.25
 —  (3.7) (3.7)
Balance at December 31, 2020 264.5  (45.8) 218.7 
Shares of treasury stock issued —  2.2  2.2 
Repurchase of common stock at an average cost of $57.47
 —  (3.5) (3.5)
Balance at December 31, 2021 264.5  (47.1) 217.4