Stock Repurchases

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Stock Repurchases

Our Board of Directors has authorized a total of $4.0 billion to repurchase shares of our common stock (collectively referred to as the "Share Repurchase Plans"), including a $1.0 billion share repurchase authorization in July 2021. Under this program, we may repurchase shares from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The repurchase program does not require the repurchase of a specific number of shares and may be terminated at any time. As of March 31, 2022, $646 million was available for repurchase under the Share Repurchase Plans.

In February 2022, we entered into a fixed dollar accelerated share repurchase transaction (the "ASR Agreement") with Wells Fargo Bank, to effect an accelerated stock buyback of our common stock. Under the ASR Agreement, we paid Wells Fargo Bank $200.0 million and Wells Fargo Bank delivered to us 0.6 million shares of common stock representing approximately 87% of the shares expected to be purchased under this ASR Agreement. The ASR was completed in April 2022 and Wells Fargo Bank delivered an additional 0.2 million shares of common stock for a total of 0.8 million shares of common stock repurchased under this ASR Agreement. We recorded $173.0 million in Treasury Stock and the remaining $27.0 million in Additional Paid-In Capital until the transaction was settled in April 2022.

We also repurchased shares for $4.9 million during the three months ended March 31, 2022 from employees who tendered their shares to satisfy minimum tax withholding obligations upon the vesting and exercise of stock-based compensation awards.