Stock Repurchase Program

12 Months Ended

Dec. 31, 2023

Class of Stock Disclosures [Abstract]

Stock Repurchase Program

Stock Repurchase Program

Under our stock repurchase program, we repurchased shares as follows:

	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Number of shares repurchased	650		725		347
Average price paid per share	$	302.34	$	283.38	$	388.35
Total cost	$	196,494	$	205,571	$	134,679

All of the shares repurchased during the year ended December 31, 2023 were repurchased during the first quarter. As of December 31, 2023, 1.1 million shares remained available for repurchase under the program. Average price paid per share excludes excise tax. As of January 1, 2023, our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. As of December 31, 2023, we had $0.1 million of accrued excise tax. Any excise tax incurred is recognized and reflected as part of the cost basis of the shares acquired in the Consolidated Statements of Stockholders' Equity.