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 the Company’s Class A Common Stock (“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 March 31, 2023, the Company repurchased 2.1 million shares of its Common Stock for $166.9 million under the 2021 Stock Repurchase Program. All of the repurchased shares during the first three months of 2023 were retired by the Company. From April 1, 2023 to April 25, 2023, the Company repurchased 0.5 million additional shares of its Common Stock for $39.5 million, and, as of April 26, 2023, the Company has remaining authorization to purchase up to $605.2 million of its Common Stock under the 2021 Stock Repurchase Program. The price and timing of any future purchases 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 March 31, 2023:
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
January 1 to January 31, 2023
620,795
$
78.55
620,795
$
762.8
February 1 to February 28, 2023
712,457
80.00
712,457
705.8
March 1 to March 31, 2023
784,027
77.98
784,027
$
644.7
Total
2,117,279
$
78.83
2,117,279
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.