Shareholders' Equity

3 Months Ended

Mar. 31, 2025

Shareholders' Equity [Abstract]

Shareholders' Equity

11.SHAREHOLDERS’ EQUITY

Common Stock Equivalents

The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 15).

Stock Repurchases

On April 27, 2025, the Company’s Board of Directors authorized a new $1.5 billion share repurchase plan, replacing the prior plan authorized on October 28, 2021 which had a remaining authorization of $81.8 million. This new plan authorizes the Company to purchase, from time to time, up to $1.5 billion of our outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. As of the date of this filing, the Company had the full $1.5 billion of authorization remaining under the new plan.

The following is a summary of the Company’s share repurchases:

	For the three months
	ended March 31,
	2025		2024
Total number of shares purchased (in millions) (1)		—		0.5
Average price per share (1)	$	—	$	214.33
Total purchase price (in millions) (1)	$	—	$	106.1

Subsequent to March 31, 2025, the Company made the following share repurchases:

Total number of shares purchased (in millions) (1)		0.6
Average price per share (1)	$	210.87
Total purchase price (in millions) (1)	$	122.9

(1)Amounts reflected are based on the trade date and may differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.

Dividends

For the three months ended March 31, 2025, the Company paid the following cash dividends:

	Payable to Shareholders
	of Record at the Close	Cash Paid	Aggregate Amount
Date Declared	of Business on	Per Share	Paid	Date Paid
February 23, 2025	March 13, 2025	$1.11	$122.3 million (1)	March 27, 2025

(1)Amount reflected includes the payment of $2.4 million in dividend equivalents.

Dividends paid in 2025 were ordinary taxable dividends.

Subsequent to March 31, 2025, the Company declared the following cash dividends:

	Payable to Shareholders	Cash to
	of Record at the Close	be Paid
Date Declared	of Business on	Per Share	Date to be Paid
April 27, 2025	May 22, 2025	$1.11	June 17, 2025