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Share Repurchases
9 Months Ended
Sep. 30, 2021
Payments For Repurchase Of Equity [Abstract]  
Share Repurchases

7.Share Repurchases

On November 1, 2017, the Board authorized a share repurchase program, under which the Company may repurchase up to $500.0 in shares of Common Stock (the “2017 Share Repurchase Program”).  The 2017 Share Repurchase Program does not have an expiration.  The Company also continued its evergreen share repurchase program, authorized by the Board on January 29, 2014, under which the Company may repurchase, from time to time, Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under the Company’s incentive plans.  

In December 2020, the Company entered into an accelerated share repurchase (“ASR”) contract with a commercial bank to purchase Common Stock.  The Company paid $300.0 to the bank, inclusive of fees, and received an initial delivery of shares equal to $270.0, or 3.1 million shares.  The Company used cash on hand and short-term borrowings to fund the initial purchase price.  Upon the completion of the ASR, which ended in February 2021, the bank delivered an additional 0.4 million shares to the Company.  The final shares delivered to the Company were determined by the average price per share paid by the bank during the purchase period.  All 3.5 million shares were purchased under the Company’s evergreen program.   

In August 2021, the Company executed an agreement to purchase up to $200.0 of its Common Stock through October 31, 2021.  During the quarter the Company purchased 0.7 million shares for approximately $55.0, inclusive of fees, all of which was purchased under the 2017 Share Repurchase Program.  In October 2021, as of the filing date of this Quarterly Report on Form 10-Q, the Company purchased an additional 0.9 million shares for approximately $75.0.  The 2017 Share Repurchase Program was replaced in the fourth quarter of 2021.  See Note 19 for further details.