Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Federal Home Loan Banks [Abstract]

Stockholders' Equity

14) Stockholders' Equity

Share Repurchase Program

On July 25, 2011, the Company's Board of Directors approved a share repurchase program for the repurchase of up to an aggregate of $200 of its outstanding common stock from time to time in open market purchases, privately negotiated transactions or through other appropriate means. The timing and quantity of any shares repurchased depends upon a variety of factors, including business conditions, stock market conditions and business development activities, including, but not limited to, merger and acquisition opportunities. These repurchases may be commenced, suspended or discontinued at any time without prior notice. The Company has repurchased approximately 2.6 shares of common stock for approximately $127 pursuant to the program since its adoption. During the three and six months ended June 30, 2022 and 2021, there were no repurchases of common stock.

Cash Dividends

Holders of the Company's common stock are entitled to receive dividends when they are declared by the Company's Board of Directors. During each of the first and second quarters of 2022, the Company's Board of Directors declared a cash dividend of $0.22 per share, which totaled $24. During the first and second quarters of 2021, the Company's Board of Directors declared a cash dividend of $0.20 per share and $0.22 per share, respectively, which totaled $23.

On July 25, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.22 per share to be paid on September 9, 2022 to stockholders of record as of August 8, 2022.

Future dividend declarations, if any, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors. In addition, under the Term Loan Facility and ABL Facility, the Company may be restricted from paying dividends under certain circumstances.