Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table summarizes our common share repurchases and issuances.

 

	Three Months Ended   March 31,
(Shares and per share amounts in actuals)	2025		2024
Common stock repurchased under repurchase programs(1)	1,037,391		1,310,723
Average purchase price per share(2)	$	29.65	$	20.32
Shares repurchased related to employee stock-based compensation plans(3)	830,868		683,247
Average purchase price per share	$	31.26	$	19.91
Common shares issued(4)	2,224,810		1,925,920

(1) Common shares purchased under our share repurchase programs. There was $372 million of capacity remaining under the 2024 Share Repurchase Program at March 31, 2025.

(2) Average purchase price per share includes purchase commission costs and excise taxes.

(3) Comprised of shares withheld from stock option exercises and the vesting of restricted stock, restricted stock units, performance stock units, and dividend equivalent units for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

(4)  Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on the NASDAQ Global Select Market on March 31, 2025 was $29.37.

Common Stock Dividend

In March 2025 and March 2024, we paid a common stock dividend of $0.13 and $0.11 per common share, respectively.

Share Repurchases

In January 2022, we announced a share repurchase program of up to $1.25 billion of common stock that expired in January 2024. In January 2024, we announced a new share repurchase program of up to $650 million of common stock (the “2024 Share Repurchase Program”). The program expires in February 2026. We had $372 million of capacity remaining under the 2024 Share Repurchase Program at March 31, 2025.

Under the 2024 Share Repurchase Program, repurchases could occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions. The timing and volume of any repurchases are subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2024 Share Repurchase Program.

Share Repurchases under Rule 10b5-1 trading plans

During the three months ended March 31, 2025 and 2024, we repurchased 1.0 million and 1.3 million shares, respectively, of our common stock at a total cost of $31 million and $27 million, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.