Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
−Removed: The Company’s common stock is traded on the Nasdaq National Market under the symbol “XRAY.” Approximately 112,995 holders of the Company’s common stock are “street name” or beneficial holders, whose shares are held of record by banks, brokers and other financial institutions.
−Removed: In addition, the Company estimates, based on information supplied by its transfer agent, that there are 235 holders of record of the Company’s common stock.
+Added: The Company’s common stock is traded on the Nasdaq National Market under the symbol “XRAY.” Approximately 93,713 holders of our common stock are in “street name” or beneficial holders, whose shares are held of record by banks, brokers and other financial institutions.
+Added: In addition, we estimate, based on information supplied by our transfer agent, that there are 220 holders of record of the our common stock.
Stock Repurchase Program
−Removed: At December 31, 2021, the Company had authorization to purchase $1.0 billion of common stock under the share repurchase program with $890 million remaining under this program.
−Removed: Share repurchases may be made through open market purchases, Rule 10b5-1 plans, accelerated share repurchase transactions and other structured share repurchases, privately negotiated transactions or other transactions in such amounts and at such times as the Company deems appropriate based upon prevailing market and business conditions and other factors.
−Removed: During the three months ended December 31, 2021, the Company had the following activity with respect to this repurchase program:
−Removed: (in millions, except per share amounts) Total Number of Shares Purchased Average Price Paid Per Share Total Cost of Shares Purchased Dollar Value of Shares that May be Purchased Under the Stock Repurchase Program
−Removed: October 1, 2021 to October 31, 2021 — $ — $ — $ 1,000
−Removed: November 1, 2021 to November 30, 2021 2.0 55.14 110 890
−Removed: December 1, 2021 to December 31.
−Removed: 2021 — — — 890
−Removed: 2.0 $ 55.14 $ 110
−Removed: For the year ended December 31, 2021, the Company repurchased approximately 3.5 million shares at a cost of $200 million for an average price of $57.47.
+Added: On July 28, 2021 the Board of Directors approved a share repurchase program, up to $1.0 billion.
+Added: At December 31, 2022, the Company had authorization to repurchase $740 million in shares of common stock remaining under this program.
+Added: Share repurchases may be made through open market purchases, Rule 10b5-1 plans, accelerated share repurchase transactions and other structured share repurchases, privately negotiated transactions or other transactions in such amounts and at such times as we consider appropriate based upon prevailing market and business conditions and other factors.
+Added: During the three months ended December 31, 2022, we had no repurchases of common shares under the stock repurchase program.
+Added: On March 8, 2022, the Company entered into an Accelerated Share Repurchase Agreement ("ASR Agreement") with a financial institution to purchase the Company's common stock based on the volume-weighted average price of the Company's common stock during the term of the agreement, less a discount.
+Added: The ASR agreement was accounted for as an initial delivery of common shares in a treasury stock transaction on March 9, 2022 of $120 million and a forward contract indexed to the Company's common stock for an amount of common shares to be determined on the final settlement date.
+Added: The forward contract met all applicable criteria for equity classification and was not accounted for as a derivative instrument.
+Added: Therefore, the forward contract was recorded as Capital in excess of par value and upon final settlement was recorded as Treasury Stock in the Consolidated Balance Sheets at December 31, 2022.
+Added: The initial delivery and final settlement of common stock reduced the weighted average common shares outstanding for both basic and diluted EPS.
+Added: The forward contract did not impact the weighted average common shares outstanding for diluted EPS.
+Added: For the year ended December 31, 2022, we repurchased approximately 3.1 million shares at a cost of $150 million for an average price of $48.22.
Performance Graph
+Added: The information contained in the Performance Graph section shall not be deemed to be filed as part of this Annual Report and does not constitute soliciting material and should not be deemed filed or incorporated by reference into any other filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent we specifically incorporate the graph by reference.
The graph below compares DENTSPLY SIRONA Inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 Index and the S&P Health Care index.
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