Stockholders' Deficit

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Share Repurchases

Effective October 27, 2022, our Board of Directors authorized the repurchase of our common stock in the amount of $803.0 million in addition to the $197.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.00 billion under the program. The program has no expiration date. Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. As of March 31, 2023 there was approximately $638.8 million remaining available for repurchases under the program.

The Company’s share repurchases are as following. Amounts may not add up due to rounding:

	Three Months Ended March 31, 2023
	Shares	Total Costs		Average Price
	(In millions, except average price amounts)
Total repurchases under the repurchase plans	1.1	$	220.0	$	205.60
Total repurchases for tax withholdings	0.1	10.5		$	210.01
Total repurchases	1.1	$	230.5	$	205.80

Since inception, the Company has repurchased 250.4 million shares of its common stock for an aggregate cost of $12.98 billion, which is recorded as a reduction of Additional paid-in capital. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. In the first quarter of 2023, the Company reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheet as of March 31, 2023. The share repurchase and authorization amounts disclosed in this Form 10-Q exclude the excise tax.