Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Our Board of Directors has authorized a share repurchase program. During the first nine months of 2023, we repurchased approximately 45 million shares of our common stock pursuant to the share repurchase program at a cost of $1.1 billion. Our remaining share repurchase authorization was approximately $1.4 billion at September 30, 2023. Purchases under the program are made at our discretion and may be in either open market transactions, including block purchases, or in privately negotiated transactions using cash on hand, cash generated from operations or proceeds from potential asset sales. This program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion.

Additionally, during the first nine months of 2023 we repurchased $31 million of shares related to our tax withholding obligation associated with the vesting of stock-based compensation awards; these repurchases do not impact our share repurchase program authorization.

Subsequent to the quarter, we repurchased approximately $145 million of shares of our common stock through November 1, 2023. Effective November 1, 2023, our Board of Directors increased our remaining share repurchase program authorization to $2.5 billion.