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November 1, 2021 – November 30, 2021
−Removed: Share Repurchase Program (A) 423,301 $ 124.76 423,301 $ 1,114,327
+Added: Share Repurchase Program (A) 1,946,598 $ 178.26 1,946,598 $ 959,502 (C)
Employee Transactions (B) 461 $ 148.57 N/A N/A
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Employee Transactions (B) — $ — N/A N/A
−Removed: Share Repurchase Program (A) 2,028,979 $ 123.21 2,028,979 $ 917,139
+Added: Share Repurchase Program (A) 3,556,498 $ 171.68 3,556,498 $ 695,906 (C)
Employee Transactions (B) 461 $ 148.57 N/A N/A
−Removed: (A) Since the share repurchase program's inception in May 2003, our Board of Directors has authorized $9 billion of share repurchases of our common stock through December 31, 2020.
+Added: (A) In each of February 2021 and March 2021, our Board of Directors increased the size of our share repurchase program by $1 billion.
+Added: Since the share repurchase program's inception in May 2003, our Board of Directors has authorized $11 billion of share repurchases of our common stock through December 31, 2021.
The share repurchase authority has no set expiration or termination date.
−Removed: On February 4, 2021, the Company announced that our Board of Directors had increased the size of its repurchase program by $1 billion.
+Added: In February 2022, our Board of Directors authorized the Company to repurchase an additional $1 billion of our common stock, which is in addition to the $0.7 billion that was available as of December 31, 2021 under our share repurchase program.
(B) Includes:
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and (2) shares withheld (under the terms of grants under the Amended and Restated Employee Long-Term Incentive Plan) to offset tax withholding obligations that occur upon the delivery of outstanding common shares underlying restricted share units and performance share units.
+Added: (C) Includes the reclassification of $300 million from additional paid-in capital to treasury stock and the final delivery of 1,640,193 shares associated with the completion of the April 2021 accelerated share repurchase agreements ("ASRs").
+Added: See Note 16 to the audited consolidated financial statements for further information regarding the ASRs.
Performance Graph
−Removed: Set forth below is a line graph comparing the cumulative total shareholder return on Quest Diagnostics' common stock since December 31, 2015 based on the market price of the Company's common stock and assuming reinvestment of dividends, with the cumulative total shareholder return of companies on the Standard & Poor's 500 Stock Index and the S&P 500 Healthcare Equipment & Services Index.
+Added: Set forth below is a line graph comparing the cumulative total shareholder return on Quest Diagnostics' common stock since December 31, 2016 based on the market price of the Company's common stock and assuming reinvestment of dividends, with the cumulative total shareholder return of companies on the Standard & Poor's (S&P) 500 Stock Index and the S&P 500 Health Care (Sector) Index.
Closing DGX Price Total Shareholder Return Performance Graph Values
−Removed: Date DGX S&P 500 S&P 500 H.C.
−Removed: DGX S&P 500 S&P 500 H.C.
+Added: Date DGX S&P 500 S&P 500 Health Care (Sector) DGX S&P 500 S&P 500 Health Care (Sector)
12/31/2017 $ 98.49 9.16 % 21.83 % 22.08 % $ 109.16 $ 121.83 $ 122.08
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12/31/2021 $ 173.01 47.86 % 28.71 % 26.13 % $ 207.97 $ 233.41 $ 224.71
−Removed: Selected Financial Data
−Removed: See page 58 .
+Added: Item 6 [Reserved]
Management's Discussion and Analysis of Financial Condition and Results of Operations
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.