Stockholders' Deficit

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Share Repurchases

Effective July 27, 2023, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $1.14 billion, in addition to the $356.1 million that remained available for repurchases under the share repurchase program, for a total authorization of up to $1.50 billion under the program. The program has no expiration date. Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. As of March 31, 2024 there was approximately $859.6 million remaining available for repurchases under the program.

The Company’s share repurchases are as following. Amounts may not add up due to rounding:

	Three Months Ended March 31, 2024
	Shares	Total Costs		Average Price
	(In millions, except average price amounts)
Total repurchases under the repurchase plans	1.3	$	260.4	$	196.37
Total repurchases for tax withholdings	—	9.5		$	197.84
Total repurchases	1.4	$	269.9	$	196.42

Since inception, the Company has repurchased 254.9 million shares of its common stock for an aggregate cost of $13.92 billion, which is recorded as a reduction of Additional paid-in capital. The share repurchase and authorization amounts disclosed in this Form 10-Q exclude the excise tax on share repurchases.