Repurchases of Common Stock

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Repurchases of Common Stock

6. Repurchases of Common Stock

Under share buyback plans authorized by our board of directors from time to time, the Company may repurchase up to specified dollar values of shares of its common stock through open market purchases, privately negotiated transactions, block trades or otherwise.

During the six months ended June 30, 2023, the Company repurchased 0.5 million shares pursuant to a repurchase program, an insignificant number of which were repurchased during the three months ended June 30, 2023. The total repurchases were recorded as treasury stock of $96.0 million in our condensed consolidated balance sheet. Such cost reflects the applicable one percent excise tax imposed by the Inflation Reduction Act of 2022 on the net value of certain stock repurchases made after December 31, 2022. During the three and six months ended June 30, 2022, the Company repurchased 0.5 million shares pursuant to a repurchase program, which was recorded as treasury stock of $80.6 million in our condensed consolidated balance sheet.