Common Stock Repurchase Program

3 Months Ended

Mar. 31, 2022

Disclosure Common Stock Repurchase Program Additional Information [Abstract]

Common Stock Repurchase Program

Common Stock Repurchase Program

In May 2021, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock (“May 2021 Repurchase Program”). As of March 31, 2022, we have $649.9 million available for repurchase under the May 2021 Repurchase Program.

During February 2022, we repurchased on the open market approximately 0.1 million shares of our common stock at an average price of $522.61 per share, including commissions and fees, for an aggregate purchase price of $75.0 million.

Subsequent to the first quarter, on April 29, 2022, we entered into an ASR to repurchase $200.0 million of our common stock. We paid $200.0 million and received an initial delivery of approximately 0.6 million shares based on current market prices. The final number of shares to be repurchased will be based on our volume-weighted average stock price under the terms of the ASR, less an agreed upon discount.