On July 26, 2024, our Board of Directors approved a new share repurchase authorization of up to $650 million of our common stock over the three-year period from September 4, 2024 through September 4, 2027. Purchases under this new repurchase program may be made from time to time by the company in the open market at prevailing market prices (including through a Rule 10b5-1 Plan), in privately negotiated transactions, or through any combination of these methods, through September 4, 2027. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of the company’s stock, general market and economic conditions, the company’s liquidity requirements, applicable legal requirements and other business considerations. The repurchase program does not obligate us to acquire any number of shares in any specific period or at all and may be suspended or discontinued at any time at our discretion. As of December 31, 2024, we repurchased a total of 709,077 outstanding shares at an aggregate cost of $41 million under this program, which is included in treasury stock on the accompanying consolidated statements of financial position.

On September 3, 2024, our previous repurchase authorization of up to $400 million expired. We repurchased a total of 11,319,091 outstanding shares at an aggregate cost of $400 million under this previous program, which is included in treasury stock on the accompanying consolidated statements of financial position.

A summary of repurchases of outstanding shares is as follows:


	Year Ended December 31,
(In millions, except per share data)	2024		2023		2022
Number of shares purchased		3,945,349		3,604,625		1,917,350
Average price paid per share(1)	$	40.43	$	33.29	$	30.51
Cost of shares purchased(1)	$	160	$	120	$	59

(1)

The average price paid per share and the cost of shares purchased are calculated on a trade date basis and exclude associated commissions and taxes of $2 million, $1 million and less than $1 million for the years ended December 31, 2024, 2023 and 2022, respectively.