Common Share Repurchases

3 Months Ended

Mar. 31, 2024

Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]

Common Share Repurchases

COMMON SHARE REPURCHASES

During the three months ended March 31, 2024, the Company repurchased 1.2 million common shares under its share repurchase authorizations for a total cost of $250 million. The average cost per share repurchased was $217.31.  In addition, the Company acquired 0.6 million common shares for a total cost of $138 million during the three months ended March 31, 2024 that were not part of its publicly announced share repurchase authorizations.  These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the exercise price, as well as the related payroll withholding taxes, with respect to certain stock options that were exercised. Included in the cost of treasury stock acquired pursuant to common share repurchases is the 1% excise tax imposed on common share repurchase activity, net of common share issuances, as part of the Inflation Reduction Act of 2022. During the three months ended March 31, 2024, there was no net excise tax included in the cost of treasury stock acquired, as common share issuances exceeded common share repurchase activity. At March 31, 2024, the Company had $5.79 billion of capacity remaining under its share repurchase authorizations.