7 unchanged sentences
www.amstock.com.
−Removed: The Company has not historically paid dividends on its Common Stock.
−Removed: In December 2021, the Company announced that it plans to initiate a quarterly dividend beginning in the second quarter of 2022.
+Added: The Company initiated a quarterly dividend beginning in the second quarter of 2022.
+Added: The Company’s ability to pay dividends is primarily dependent on earnings from operations, the adequacy of capital and the availability of liquid assets for distribution.
+Added: For the year ended December 31, 2022, the Company paid $195.2 in common stock dividends.
+Added: The Company expects common dividend declarations, if made, to occur in January, April, July, and October with payment dates in March, June, September and December, and are subject to Board approval.
+Added: There can be no assurance that the Company will continue to pay quarterly cash dividends at the current rate or at all.
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, 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:
+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, 2022, by or on behalf of the Company:
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
3 unchanged sentences
1.4 $ 216.48 1.4 $ 531.5
−Removed: At the end of 2020, the Company had outstanding authorization from the board of directors (Board) to purchase $800.0 of Company common stock.
−Removed: 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.
−Removed: On December 13, 2021, the Company entered into the ASR Agreements with Goldman Sachs & Co.
−Removed: 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.
−Removed: The repurchase authorization has no expiration date.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: During the fourth quarter of 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 ASR Agreements with Goldman Sachs & Co.
+Added: LLC and Barclays Bank PLC to repurchase the Company’s common stock (Common Stock), as part of the Company’s common stock repurchase program.
+Added: Under the ASR Agreements, $1,000.0 was paid to the banks in December 2021 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 was settled during 2022, the Company received 0.9 shares, which were retired in 2022 .
+Added: At the end of 2021, the Company had outstanding authorization from the Board to purchase $1,631.5 of Company common stock.
+Added: During the year ended December 31, 2022, the Company purchased 4.7 shares of its common stock at an average price of $233.48 for a total cost of $1,100.0.
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.
1 unchanged sentence
At the end of 2022, the Company had outstanding authorization from the Board to purchase up to $531.5 of the Company's common stock.
+Added: The repurchase authorization has no expiration date.
+Added: On February 7, 2023, the board of directors adopted a new share repurchase plan authorizing up to $1,000.0 of the Company's shares in addition to the remaining amount outstanding under the previous plan.
+Added: The repurchase authorization has no expiration.
SELECTED FINANCIAL DATA
1 unchanged sentence
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.