Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table summarizes purchases of our own equity securities during the three months ended August 31, 2023 (dollars in thousands, except per share amounts):
Period Total Number of Shares Purchased Average Price Paid per Share (a) Dollar Value of Shares Purchased as Part of Publicly Announced Plans or Programs (a) Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (a) (b)
June 1-30 — $ — $ — $ 407,912
July 1-31 765,570 53.86 41,230 366,682
August 1-31 765,748 53.90 41,270 325,412
Total 1,531,318 $ 53.88 $ 82,500
(a) The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. All dollar amounts presented exclude such excise taxes, as applicable.
(b) On March 21, 2023, our board of directors authorized us to repurchase up to $500.0 million of our outstanding common stock, excluding excise tax. This authorization replaced a prior board of directors authorization, which had $75.0 million remaining, excluding excise tax. In the 2023 third quarter, we repurchased 1,531,318 shares of our common stock on the open market pursuant to the current authorization at a total cost of $82.5 million. As of August 31, 2023, we were authorized to repurchase up to $325.4 million of common stock in additional transactions, excluding excise tax.
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.