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Shareholders' Equity
9 Months Ended
Sep. 30, 2021
Shareholders' Equity [Abstract]  
Shareholders' Equity 11.SHAREHOLDERS’ EQUITYCommon Stock EquivalentsThe Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 15).Registration of Additional SharesOn February 26, 2021, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3, which enables the Company to issue shares of its Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. The Company will file a prospectus supplement containing the amount and type of securities each time it issues securities using its automatic shelf registration statement on Form S-3. No securities were issued under this automatic shelf registration statement through the date of this filing.Stock RepurchasesThe Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. On October 28, 2021, the Company’s Board of Directors authorized a new $1.0 billion stock repurchase plan, replacing the prior plan authorized on November 2, 2020, which had a remaining authorization of $125.1 million. As of the date of this filing, the Company had the full $1.0 billion of authorization remaining under the new plan.The following is a summary of the Company’s share repurchases: For the three months For the nine months ended September 30, ended September 30, 2021 2020 2021 2020 Total number of shares purchased (in millions) (1) 0.4 0.6 1.1 1.4Average price paid per share (1) $ 340.70 $ 302.63 $ 291.48 $ 267.57Total price paid (in millions) (1) $ 150.0 $ 175.6 $ 318.9 $ 375.6 Subsequent to September 30, 2021, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.6Average price paid per share (1) $ 332.72Total price paid (in millions) (1) $ 200.0 (1)Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.DividendsFor the nine months ended September 30, 2021, the Company paid the following cash dividends: Payable to Shareholders of Record at the Close Cash Paid Aggregate Amount Date Declared of Business on Per Share Paid Date Paid February 19, 2021 March 10, 2021 $0.58 $63.4 million March 26, 2021April 26, 2021 May 20, 2021 $0.58 $63.4 million June 15, 2021August 1, 2021 August 26, 2021 $0.58 $63.6 million September 23, 2021 Dividends paid in 2021 and 2020 were ordinary income. Subsequent to September 30, 2021, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record at the Close be Paid Date Declared of Business on Per Share Date to be Paid November 1, 2021 November 18, 2021 $0.58 December 16, 2021