Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Repurchase of Equity Securities
On April 27, 2021, the Company’s Board of Directors authorized a stock repurchase program under which the Company may purchase up to $2.0 billion of its Common Stock during the three-year period ending April 27, 2024 (the “2021 Stock Repurchase Program”) in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). During the three months ended September 30, 2022, the Company repurchased 2.4 million shares of its Common Stock for $170.1 million under the 2021 Stock Repurchase Program. Of the total repurchases made during the third quarter of 2022, 0.3 million shares, or $19.8, were retained in Treasury stock at the time of repurchase. The remaining 2.1 million shares, or $150.3, have been retired by the Company. From October 1, 2022 to October 25, 2022, the Company repurchased 0.6 million additional shares of its Common Stock for $41.9 million under the 2021 Stock Repurchase Program, and, as of October 26, 2022, the Company has remaining authorization to purchase up to $940.2 million of its Common Stock under the 2021 Stock Repurchase Program. The price and timing of any future purchases under the 2021 Stock Repurchase Program will depend on a number of factors, such as levels of cash generation from operations, the volume of stock options exercised by employees, cash requirements for acquisitions, dividends paid, economic and market conditions and the price of the Common Stock.
The table below reflects the Company’s stock repurchases for the three months ended September 30, 2022:
Total Number of
Maximum Dollar
(dollars in millions, except price per share)
Shares Purchased as
Value of Shares
Total Number
Average
Part of Publicly
that May Yet be
of Shares
Price Paid
Announced Plans or
Purchased Under the
Period
Purchased
per Share
Programs
Plans or Programs
July 1 to July 31, 2022
734,835
$
65.32
734,835
$
1,104.2
August 1 to August 31, 2022
848,060
77.81
848,060
1,038.2
September 1 to September 30, 2022
772,751
72.62
772,751
$
982.1
Total
2,355,646
$
72.21
2,355,646
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.