Stockholders' Deficit

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

Effective July 25, 2024, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $1.11 billion, in addition to the $388.0 million that remained available for repurchases under the prior share repurchase authorization, for a total repurchase authorization of up to $1.50 billion under the program. The program has no expiration date. Purchases made under the program can be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. As of June 30, 2025 there was $630.1 million remaining available for repurchases under the program. Effective July 24, 2025, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $913.1 million, in addition to the $586.9 million that remained available for repurchases under the prior share repurchase authorization, for a total repurchase authorization of up to $1.50 billion under the program.

A summary of the Company’s common stock share repurchases is as follows:

	Three Months Ended June 30, 2025					Six Months Ended June 30, 2025
	Shares	Total Costs		Average Price		Shares	Total Costs		Average Price
	(In millions, except average price amounts)
Total repurchases under the repurchase plans	0.6	$	162.6	$	264.71	1.6	$	392.6	$	240.46
Total repurchases for tax withholdings	—	4.2		$	280.71	0.1	15.9		$	240.77
Total repurchases	0.6	$	166.8	$	265.09	1.7	$	408.5	$	240.47

Since inception, the Company has repurchased 261.9 million shares of its common stock for an aggregate cost of $15.29 billion, which is recorded as a reduction of Additional paid-in capital. The share repurchase and authorization amounts disclosed within this Form 10-Q exclude the excise tax on share repurchases.

On April 23, 2025, the Company’s Board of Directors declared a cash dividend of $0.77 per share of the Company’s outstanding common stock, totaling $72.1 million, which was paid on May 28, 2025. The dividend was accounted for as a reduction of Additional paid-in capital. On July 22, 2025, the Company’s Board of Directors declared a cash dividend of $0.77 per share of the Company’s outstanding common stock to stockholders of record as of the close of business on August 19, 2025, payable on August 27, 2025. The Company intends to continue to pay a cash dividend on a quarterly basis, subject to market conditions and approval by the Company’s Board of Directors.