7 unchanged sentences
www.amstock.com.
−Removed: The Company has not historically paid dividends on its Common Stock and does not presently anticipate paying any dividends on its Common Stock in the foreseeable future.
+Added: The Company has not historically paid dividends on its Common Stock.
+Added: In December 2021, the Company announced that it plans to initiate a quarterly dividend beginning in the second quarter of 2022.
Common Stock Performance
6 unchanged sentences
Issuer Purchases of Equity Securities (all amounts in millions, except per share amounts)
−Removed: The following table sets forth information with respect to purchases of shares of the Company’s Common Stock made during the quarter ended December 31, 2020, by or on behalf of the Company:
+Added: The following table sets forth information with respect to purchases of shares of the Company’s Common Stock made during the quarter ended December 31, 2021, by or on behalf of the Company, inclusive of amounts paid in respect of the accelerated share repurchase agreements (collectively, the ASR Agreements) for which the Company received 80% of the shares calculated at the price at the inception of the Agreements:
Total Number of Shares Repurchased Average Price Paid Per Share Total Number of Shares Repurchased as Part of Publicly Announced Program Maximum Dollar Value of Shares that May Yet Be Repurchased Under the Program
2 unchanged sentences
December 1 - December 31 2.7 307.16 2.7 1,631.5
−Removed: At the end of 2019, the Company had outstanding authorization from the board of directors to purchase $900.0 of Company common stock.
−Removed: During three months ended March 31, 2020, the Company purchased 0.6 shares of its common stock at an average price of $178.85 for a total cost of $100.0.
+Added: 2.7 $ 307.16 2.7
+Added: At the end of 2020, the Company had outstanding authorization from the board of directors (Board) to purchase $800.0 of Company common stock.
+Added: On December 8, 2021, the Board adopted a new share repurchase plan authorizing repurchase of up to $2,500.0 of the Company's shares in addition to the remaining amount outstanding under the previous plan.
+Added: On December 13, 2021, the Company entered into the ASR Agreements with Goldman Sachs & Co.
+Added: LLC and Barclays Bank PLC (collectively, the Financial Institutions) to repurchase approximately $1,000.0 in the aggregate of the Company’s common stock (Common Stock), as part of the Company’s Common Stock repurchase program.
+Added: The repurchase authorization has no expiration date.
+Added: During the first 11 months of 2021, the Company purchased 2.5 shares of its common stock at an average price of $270.55 for a total cost of $668.5.
+Added: Under the ASR Agreements in December 2021, $1,000.0 was paid to the banks and the Company received 80% of the shares calculated at the price at the inception of the Agreements, approximately 2.7 shares.
+Added: When the forward contract is settled during the first half of 2022, and the Company receives the remaining shares, an additional adjustment to Common Stock and additional paid-in-capital / retained earnings will be recorded.
+Added: The specific number of shares that the Company ultimately will repurchase under the ASR Agreements will be based generally on the average of the daily volume-weighted average price per share of the Common Stock during a repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements.
+Added: The ASR Agreements contain provisions customary for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances generally under which the ASR Agreements may be accelerated, extended or terminated early by the Financial Institutions and various acknowledgments, representations and warranties made by the parties to one another.
+Added: The initial shares received under the ASR have been removed from the outstanding share count and the final settlement is expected to be completed by the end of April 2022.
When the Company repurchases shares, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in-capital unless subject to limitation or the balance in additional paid-in-capital is exhausted.
Remaining amounts are recognized as a reduction in retained earnings.
−Removed: The Company reinstated its share repurchase program in October 2020 following the temporary suspension of stock repurchases beginning in March 2020 as a result of the anticipated impact of the COVID-19 pandemic.
−Removed: At the end of 2020, the Company had outstanding authorization from the board of directors to purchase up to $800.0 of the Company's common stock.
−Removed: The repurchase authorization has no expiration date.
−Removed: SELECTED FINANCIAL DATA (in millions, except per share amounts)
+Added: At the end of 2021, the Company had outstanding authorization from the Board to purchase up to $1,631.5 of the Company's common stock.
+Added: SELECTED FINANCIAL DATA
Not applicable.
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.