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The Company’s common stock is traded on the Nasdaq National Market under the symbol “XRAY.” Approximately 97,108 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.
−Removed: In addition, we estimate, based on information supplied by our transfer agent, that there are 220 holders of record of the our common stock.
+Added: In addition, we estimate, based on information supplied by our transfer agent, that there are 208 holders of record of our common stock.
Stock Repurchase Program
−Removed: On July 28, 2021 the Board of Directors approved a share repurchase program, up to $1.0 billion.
−Removed: At December 31, 2022, the Company had authorization to repurchase $740 million in shares of common stock remaining under this program.
+Added: On November 7, 2023, the Board of Directors approved an increase to the authorized share repurchase program of $1.0 billion.
+Added: At December 31, 2023, the Company had authorization to repurchase $1.44 billion in shares of common stock remaining under this program.
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.
−Removed: During the three months ended December 31, 2022, we had no repurchases of common shares under the stock repurchase program.
−Removed: 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.
−Removed: 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.
−Removed: The forward contract met all applicable criteria for equity classification and was not accounted for as a derivative instrument.
−Removed: 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.
−Removed: The initial delivery and final settlement of common stock reduced the weighted average common shares outstanding for both basic and diluted EPS.
−Removed: The forward contract did not impact the weighted average common shares outstanding for diluted EPS.
+Added: During the three months ended December 31, 2023, the Company had the following activity with respect to the share repurchase program:
+Added: (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
+Added: October 1, 2023 to October 31, 2023 — $ — $ — $ 590
+Added: November 1, 2023 to November 30, 2023 3.1 29.91 93 1,497
+Added: December 1, 2023 to December 31, 2023
+Added: 1.8 32.15 57 1,440
+Added: 4.9 $ 30.73 $ 150
For the year ended December 31, 2023, we repurchased approximately 8.8 million shares at a cost of $300 million for an average price of $34.20.
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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.