Stockholders' Deficit

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

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. 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 September 30, 2025 there was $1.33 billion remaining available for repurchases under the program.

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

	Three Months Ended September 30, 2025					Nine Months Ended September 30, 2025
	Shares	Total Costs		Average Price		Shares	Total Costs		Average Price
	(In millions, except average price amounts)
Total repurchases under the repurchase plans	0.8	$	215.0	$	281.87	2.4	$	607.6	$	253.65
Total repurchases for tax withholdings	—	3.7		$	273.05	0.1	19.6		$	246.25
Total repurchases	0.8	$	218.7	$	281.72	2.5	$	627.2	$	253.41

Since inception, the Company has repurchased 262.7 million shares of its common stock for an aggregate cost of $15.51 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.

The Company initiated a quarterly cash dividend in April 2025. A summary of the Company’s dividend activities for the periods presented is as follows:

Record Date	Payment Date	Dividend Per Share		Total
		(In millions, except per share amounts)
April 23, 2025	May 28, 2025	$	0.77	$	72.1
July 22, 2025	August 27, 2025	0.77		72.0
		$	1.54	$	144.1

The dividends were accounted for as a reduction of Additional paid-in capital. On October 21, 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 November 18, 2025, payable on November 25, 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.