ACCELERATED SHARE REPURCHASE

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

ACCELERATED SHARE REPURCHASE

ACCELERATED SHARE REPURCHASE

During 2023 and 2022, the Company entered into accelerated share repurchase ("ASR") agreements providing for the repurchase of the Company's common stock based on the volume-weighted average price ("VWAP") of the Company's common stock during the term of the applicable agreement, less a discount. The following table summarizes the terms of the ASR agreements (dollars and shares in millions, except per share data):

			Initial Delivery					Final Settlement
Agreement Date	Amount Paid		Shares Received	Price per Share		Value of Shares as % of Contract Value		Settlement Date	Total Shares Received	Average Price per Share
January 2022	$	250.0	1.9	$	104.87	80	%	February 2022	2.3	$	110.31
February 2023	$	200.0	2.0	$	80.44	80	%	March 2023	2.5	$	79.28

The ASR agreements were each accounted for as two separate transactions: (1) the value of the initial delivery of shares was recorded as shares of common stock acquired in a treasury stock transaction on the acquisition date, and (2) the remaining amount of the purchase price paid was recorded as a forward contract indexed to the Company's own common stock and was initially recorded in "Additional Paid-in Capital" and subsequently, upon settlement, was transferred to "Treasury Stock" on the consolidated condensed balance sheets. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The Company determined that the forward contracts indexed to the Company's common stock met all the applicable criteria for equity classification and, therefore, were not accounted for as a derivative instrument.