Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchase Program

In November 2018, the board of directors authorized a $1.1 billion repurchase program through December 2021. In October 2021, the board of directors authorized a new $1.8 billion share repurchase program, effective January 1, 2022 through December 31, 2024. The Company's goals for the share repurchase programs are to offset the dilution created by its employee equity compensation programs over time and provide the flexibility to return capital to shareholders as business and market conditions warrant, while still preserving its ability to pursue other strategic opportunities.

During the years ended December 31, 2021, 2020 and 2019, the Company repurchased 4.7 million, 2.0 million and 4.0 million shares, respectively, of its common stock for $522.3 million, $193.6 million and $334.5 million, respectively, pursuant to the repurchase programs described above. As of December 31, 2021, the Company had $49.6 million which expired under the repurchase program effective through December 31, 2021.

The board of directors authorized the retirement of all the outstanding shares of its treasury stock as of each of December 31, 2021, 2020 and 2019. The retired shares were returned to the number of authorized but unissued shares of the Company's common stock, and the retirement was recorded to additional paid-in capital.