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EQUITY
 12 Months Ended
Dec. 31, 2022
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 considers appropriate based upon prevailing market and business conditions and other factors.

On March 8, 2022, the Company entered into an Accelerated Share Repurchase Agreement ("ASR Agreement") with a financial institution to purchase the Company's common stock based on the volume-weighted average price of the Company's common stock during the term of the agreement, less a discount.

(in millions, except per share amounts)Initial DeliveryFinal Settlement
Agreement DateAmount PaidShares ReceivedPrice per shareValue of Shares as a % of Contract ValueSettlement DateTotal Shares ReceivedAverage Price per Share
March 8, 2022$150 2.4$50.44 80 %April 19, 20223.1$48.22 

The ASR agreement was accounted for as an initial delivery of common shares in a treasury stock transaction on March 9, 2022 of $120 million and a forward contract indexed to the Company's common stock for an amount of common shares to be determined on the final settlement date. The forward contract met all applicable criteria for equity classification and was not accounted for as a derivative instrument. Therefore, the forward contract was recorded as Capital in excess of par value and upon final settlement was recorded as Treasury Stock in the Consolidated Balance Sheets at December 31, 2022. The initial delivery and final settlement of common stock reduced the weighted average common shares outstanding for both basic and diluted EPS. The forward contract did not impact the weighted average common shares outstanding for diluted EPS.

For the years ended December 31, 2022, 2021 and 2020, the Company repurchased outstanding shares of common stock at a cost of $150 million, $200 million and $140 million, respectively. At December 31, 2022, the Company had authorization to repurchase $740 million in shares of common stock remaining under the share repurchase program.

For the years ended December 31, 2022, 2021 and 2020, the Company received proceeds of $6 million, $51 million and $11 million, respectively, primarily as a result of stock options exercised in the amount of 0.1 million, 1.1 million and 0.3 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 StockShares of Treasury Stock
Outstanding
Shares
Balance at December 31, 2019264.5 (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, 2020264.5 (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, 2021264.5 (47.1)217.4 
Shares of treasury stock issued— 0.9 0.9 
Repurchase of common stock at an average cost of $48.22
— (3.1)(3.1)
Balance at December 31, 2022264.5 (49.3)215.2