XML 23 R14.htm IDEA: XBRL DOCUMENT v3.22.2.2
Share Repurchase Program and Treasury Stock
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
SHARE REPURCHASE PROGRAM AND TREASURY STOCK SHARE REPURCHASE PROGRAM AND TREASURY STOCKIn November 2022, the Company's Board of Directors authorized an additional $2.5 billion to be added to its share repurchase program, which has $1.2 billion of remaining availability as of September 30, 2022. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors. The Company has purchased 30.8 million shares since the inception of the program in 2004 through September 30, 2022. During the nine months ended September 30, 2022 and 2021, the Company spent $825.0 million and $727.5 million on the repurchase of 629,380 shares and 557,310 shares at an average price per share of $1,310.79 and $1,305.35, respectively. The Company also reissued 80,466 shares and 71,124 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the nine months ended September 30, 2022 and 2021, respectively.