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Common Stock (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Information Related to Stock Repurchase Programs

The following schedule provides information related to our stock repurchase program for each of the three years ended December 31, 2022. During 2022, 6,666,547 shares ($810.9 million in the aggregate) were repurchased pursuant to the terms of the stock repurchase program and 153,305 shares ($22.0 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation programs. During 2021, 8,409,721 shares ($1.20 billion in the aggregate) were repurchased pursuant to the terms of the stock repurchase program and 134,464 shares ($19.5 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation programs. During 2020, 1,951,899 shares ($196.6 million in the aggregate) were repurchased pursuant to the terms of the stock repurchase program and 81,057 shares ($10.2 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation programs.

 

 

 

Additional
dollars
authorized
for
repurchase
(in
thousands)

 

 

Total
number of
shares
purchased (a.)

 

 

Total
number
of shares
cancelled

 

 

Average
price
paid per
share for
forfeited
restricted
shares

 

 

Total
number of
shares
purchased
as part of
publicly
announced
programs

 

 

Average
price paid
per share
for shares
purchased
as part of
publicly
announced
program

 

 

Aggregate
purchase
price paid
(in
thousands)

 

 

Aggregate
purchase
price paid
for shares
purchased
as part of
publicly
announced
program

 

 

Maximum
number of
dollars
that may
yet be
purchased
under the
program
(in
thousands)

 

Balance as of
   January 1, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

756,123

 

2020

 

$

—

 

 

 

2,050,735

 

 

 

17,779

 

 

$

0.01

 

 

 

1,951,899

 

 

$

100.70

 

 

$

206,719

 

 

$

196,560

 

 

$

559,563

 

2021

 

$

1,000,000

 

 

 

8,559,946

 

 

 

15,756

 

 

$

0.01

 

 

 

8,409,721

 

 

$

142.85

 

 

$

1,220,876

 

 

$

1,201,330

 

 

$

358,233

 

2022

 

$

1,400,000

 

 

 

6,828,319

 

 

 

8,467

 

 

$

0.01

 

 

 

6,666,547

 

 

$

121.63

 

 

$

832,915

 

 

$

810,865

 

 

$

947,368

 

Total for three year
   period ended
   December 31, 2022

 

$

2,400,000

 

 

 

17,439,000

 

 

 

42,002

 

 

$

0.01

 

 

 

17,028,167

 

 

$

129.71

 

 

$

2,260,510

 

 

$

2,208,755

 

 

 

 

 

(a.)
Includes 8,467, 15,761 and 17,779 of restricted shares that were forfeited by former employees pursuant to the terms of our restricted stock purchase plan during 2022, 2021 and 2020, respectively.
Weighted-Average Assumptions Fair Value of Option Grants The weighted-average assumptions reflected below were based upon twenty-nine option grants for the five-year period ending December 31, 2022, twenty-eight option grants for the five-year period ending December 31, 2021 and twenty-nine option grants for the five-year period ending December 31, 2020.

Year Ended December 31,

 

2022

 

 

2021

 

 

2020

 

Expected volatility

 

 

33

%

 

 

31

%

 

 

28

%

Risk free Interest rate

 

 

2

%

 

 

2

%

 

 

2

%

Expected life (years)

 

 

3.6

 

 

 

3.5

 

 

 

3.5

 

Forfeiture rate

 

 

7

%

 

 

8

%

 

 

8

%

Dividend yield

 

 

0.6

%

 

 

0.5

%

 

 

0.5

%
Stock Option Activity

The table below summarizes our stock option activity during the year ended December 31, 2022:

 

Outstanding Options

 

Number
of Shares

 

 

Weighted Average
Exercise
Price

 

 

Balance, January 1, 2022

 

 

8,556,115

 

 

$

116.80

 

 

Granted

 

 

1,833,573

 

 

$

143.47

 

 

Exercised

 

 

(2,022,891

)

 

$

118.21

 

 

Cancelled

 

 

(491,130

)

 

$

126.67

 

 

Balance, December 31, 2022

 

 

7,875,667

 

 

$

122.04

 

 

Outstanding options vested and exercisable as of
   December 31, 2022

 

 

3,073,714

 

 

$

116.89

 

 
Information about Unvested Options

The following table provides information about unvested options for the year ended December 31, 2022:

 

 

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested options as of January 1, 2022

 

 

5,558,819

 

 

$

28.93

 

Granted

 

 

1,833,573

 

 

$

45.63

 

Vested

 

 

(2,141,518

)

 

$

27.99

 

Cancelled

 

 

(448,921

)

 

$

35.81

 

Unvested options as of December 31, 2022

 

 

4,801,953

 

 

$

35.09

 
Information about all Outstanding Options

The following table provides information regarding all options outstanding at December 31, 2022:

 

 

 

Options
Outstanding

 

 

Options
Exercisable

 

Number of options outstanding

 

 

7,875,667

 

 

 

3,073,714

 

Weighted average exercise price

 

$

122.04

 

 

$

116.89

 

Aggregate intrinsic value as of December 31, 2022

 

$

158,552,816

 

 

$

75,389,444

 

Weighted average remaining contractual life

 

 

2.5

 

 

 

1.5

 
Weighted Average Remaining Contractual Life for Options Outstanding and Weighted Average Exercise Price Per Share for Exercisable Options

The weighted average remaining contractual life for options outstanding and weighted average exercise price per share for exercisable options at December 31, 2020, 2021 and 2022 were as follows:

 

Year Ended:

 

Options
Outstanding

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Weighted
Average
Remaining
Contractual Life
(in Years)

 

 

Exercisable
Options

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Expected to
Vest
Options

 

 

Weighted
Average
Exercise Price
Per Share

 

 

 

Shares

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Shares

 

 

 

 

2020

 

 

8,238,966

 

 

$

109.47

 

 

 

2.9

 

 

 

2,522,906

 

 

$

124.62

 

 

 

5,099,823

 

 

$

110.47

 

2021

 

 

8,556,115

 

 

 

116.80

 

 

 

2.6

 

 

 

2,997,296

 

 

 

119.00

 

 

 

5,005,113

 

 

 

116.94

 

2022

 

 

7,875,667

 

 

 

122.04

 

 

 

2.5

 

 

 

3,073,714

 

 

 

116.89

 

 

 

4,508,480

 

 

 

121.89