XML 35 R17.htm IDEA: XBRL DOCUMENT v3.22.0.1
Capital Stock
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
CAPITAL STOCK CAPITAL STOCK
Stock Repurchase Program
The Company’s Board of Directors authorized a stock repurchase program, of which $1.00 billion was approved in January 2020. The objective of the Company’s stock repurchase program was to improve stockholders’ returns and mitigate earnings per share dilution posed by the issuance of shares related to employee equity compensation awards. At December 31, 2021, $625.6 million was available to repurchase common stock pursuant to the stock repurchase program. All shares repurchased were recorded as treasury stock. A portion of the funds used to repurchase stock over the course of the program was provided by net proceeds from debt, as well as proceeds from employee stock awards and the related tax benefit. While the Merger Agreement is in effect, the Company is prohibited from repurchasing shares of its common stock, including under the stock repurchase program. See Note 19 for detailed information on the Merger Agreement.
On January 30, 2020, the Company used the proceeds from its Term Loan Credit Agreement and entered into accelerated share repurchase (“ASR”) transactions with a group of dealers for an aggregate of $1.00 billion. Under the ASR transactions, the Company received an initial share delivery of 6.5 million shares of its common stock, with the remainder delivered upon completion of the ASR transactions. The total number of shares of common stock that the Company repurchased under each ASR agreement was based on the average of the daily volume-weighted average prices of its common stock during the term of the applicable ASR agreement, less a discount. The Company received delivery of 0.8 million shares of its common stock in August 2020 in final settlement of the ASR Agreement. See Note 13 for detailed information on the Term Loan Credit Agreement.
During the year ended December 31, 2021, the Company made no open market purchases under the stock repurchase program.
In addition to the ASR, during the year ended December 31, 2020, the Company expended $288.5 million on open market purchases under the stock repurchase program, repurchasing 2.5 million shares of outstanding common stock at an average price of $116.40.
During the year ended December 31, 2019, the Company expended $453.9 million on open market purchases under the stock repurchase program, repurchasing 4.5 million shares of outstanding common stock at an average price of $100.11.
Shares for Tax Withholding
During the years ended December 31, 2021, 2020 and 2019, the Company withheld 870,057 shares, 893,479 shares and 882,078 shares, respectively, from equity awards that vested. Amounts withheld to satisfy minimum tax withholding obligations that arose on the vesting of equity awards was $115.5 million, $121.7 million and $89.2 million, for 2021, 2020 and 2019, respectively. These shares are reflected as treasury stock in the Company's consolidated balance sheets and the related cash outlays do not reduce the Company's total stock repurchase authority.
Preferred Stock
The Company is authorized to issue 5,000,000 shares of preferred stock, $0.01 par value per share. No shares of such preferred stock were issued and outstanding at December 31, 2021 or 2020.
Cash Dividend
The following table provides information with respect to quarterly dividends on common stock during the years ended December 31, 2021 and 2020:
Declaration DateDividends per ShareRecord DatePayable Date
Fiscal Year 2021
January 19, 2021$0.37 March 12, 2021March 26, 2021
April 29, 2021$0.37 June 11, 2021June 25, 2021
July 29, 2021$0.37 September 10, 2021September 24, 2021
November 4, 2021$0.37 December 7, 2021December 21, 2021
Fiscal Year 2020
January 22, 2020$0.35 March 6, 2020March 20, 2020
April 23, 2020$0.35 June 5, 2020June 19, 2020
July 23, 2020$0.35 September 11, 2020September 25, 2020
October 22, 2020$0.35 December 8, 2020December 22, 2020