Repurchases of Common Stock

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Repurchases Of Common Stock

REPURCHASES OF COMMON STOCK

We primarily acquire shares by repurchases in the open market. However, we also acquire shares that are surrendered by employees in payment for the minimum required statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the three and nine months ended September 30, 2023 and 2022 was not material.

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. The excise tax is included in the cost of treasury stock acquired in repurchases in the open market for the current year.

The following is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrender:

(in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Shares repurchased in the open market	65		453		65		1,764
Shares acquired through employee surrender for statutory tax withholding	1		—		20		21
Total shares repurchased	66		453		85		1,785
Cost of shares repurchased in the open market	$	35,070	$	166,423	$	35,070	$	742,661
Cost of shares for employee surrenders	231		162		9,907		10,552
Total cost of shares	$	35,301	$	166,585	$	44,977	$	753,213
Average cost per share - open market repurchases	$	536.03	$	367.55	$	536.03	$	421.12
Average cost per share - employee surrenders	$	506.74	$	387.07	$	503.43	$	502.26
Average cost per share - total	$	535.83	$	367.56	$	528.49	$	422.07