Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
−Removed: Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “WM.” The number of holders of record of our common stock on January 31, 2023 was 7,847.
+Added: Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “WM.” The number of holders of record of our common stock on February 8, 2024 was 7,489.
The graph below shows the relative investment performance of Waste Management, Inc.
5 unchanged sentences
The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors.
−Removed: During 2022, we repurchased an aggregate of $1.5 billion of our common stock under accelerated share repurchase (“ASR”) agreements and open market transactions, which equated to 9.4 million shares with a weighted average price per share of $160.32, inclusive of per-share commissions.
−Removed: In addition, in December 2021, we executed an ASR agreement that completed in January 2022, at which time we received 0.4 million shares.
+Added: Share repurchases are a part of our long-term strategy and incorporated into our overall capital allocation plan to enhance our Company’s performance, in conjunction with our other uses of capital, and to return value to stockholders in a tax-efficient manner.
+Added: During 2023, we allocated an aggregate of $1.3 billion to repurchase our common stock under accelerated share repurchase (“ASR”) agreements and open market transactions.
+Added: As of December 31, 2023, we had received 7.8 million shares with a weighted average price per share of $158.47, exclusive of per-share commissions.
+Added: In February 2024, we completed our ASR agreement executed in October 2023, at which time we received 0.2 million shares.
See Note 13 to the Consolidated Financial Statements for additional information.
−Removed: We announced in December 2022 that the Board of Directors has authorized up to $1.5 billion in future share repurchases.
−Removed: This new authorization replaces our prior $1.5 billion authorization that was fully utilized in 2022.
+Added: We announced in December 2023 that the Board of Directors has authorized up to $1.5 billion in future share repurchases, excluding the 1% excise tax discussed further below.
+Added: This new authorization supersedes and replaces remaining authority under the prior Board of Directors’ authorization for share repurchases announced in December 2022.
The following table summarizes common stock repurchases made during the fourth quarter of 2023 (shares in millions):
−Removed: Issuer Purchases of Equity Securities
Total Number of
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May Yet be Purchased Under
−Removed: the Plans or Programs
−Removed: October 1 — 31
+Added: the Plans or Programs(a)
+Added: October 1 — 31 (b)
+Added: 257.5 million
November 1 — 30
+Added: 257.5 million
December 1 — 31
−Removed: (a) In October 2022, we repurchased 125,167 shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $20 million, inclusive of per-share commissions, at a weighted average price of $159.79.
−Removed: (b) In November 2022, we delivered $417 million cash and received 2.1 million shares pursuant to an Accelerated Share Repurchase (“ASR”) agreement executed in late October 2022.
−Removed: In December 2022, we completed the ASR agreement and received 0.5 million additional shares based on a final weighted average price of $161.19.
−Removed: The “Average Price Paid per Share” in the table represents the final weighted average price per share paid for the ASR agreement.
−Removed: Any future share repurchases will be made at the discretion of management and will depend on various factors including our net earnings, financial condition and cash required for future business plans, growth and acquisitions.
+Added: (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.
+Added: We reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased.
+Added: In the table above and footnotes below, the average price paid per share, total repurchase costs and approximate maximum dollar value of shares that may yet be purchased under the plans or programs exclude the 1% excise tax.
+Added: (b) In October 2023, we repurchased 70,350 shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $11 million, inclusive of per share commissions, at a weighted average price of $156.35.
+Added: Additionally, we repurchased $300 million of our common stock pursuant to an ASR agreement.
+Added: At the beginning of the repurchase period, we delivered $300 million cash and received 1.5 million shares based on a stock price of $161.38.
+Added: The ASR agreement completed in February 2024, at which time we received 0.2 million additional shares based on a final weighted average price of $175.29.
+Added: The amount of future share repurchases executed under our Board of Directors’ authorization is determined in management’s discretion, based on various factors, including our net earnings, financial condition and cash required for future business plans, growth and acquisitions.
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.