Stock Repurchase Activity

9 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stock Repurchase Activity

Stock Repurchase Activity

In November 2021, the Company's Board of Directors approved a new stock repurchase program to repurchase up to $4.00 billion of the Company's common stock in the open market or in privately negotiated transactions. There is no expiration date associated with the repurchase program. During the three and nine months ended December 31, 2023, the Company purchased approximately 1.4 million shares and 7.4 million shares, respectively, of its common stock for a total cost of $115.0 million and $598.5 million, respectively, including the 1% excise tax on stock repurchases enacted by the Inflation Reduction Act of 2022 (Inflation Reduction Act). As of December 31, 2023, approximately $2.03 billion remained available for repurchases under the program. Shares repurchased are recorded as treasury shares and are used to fund share issuance requirements under the Company's equity incentive plans. As of December 31, 2023, the Company had approximately 37.4 million treasury shares.