Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Program

The Company has a share repurchase program under which it may repurchase shares of its common stock from time to time in privately negotiated transactions, open market purchases or other transactions as permitted by securities laws and other legal requirements. The timing and amounts of any purchases will be based on market conditions and other

factors including but not limited to share price, regulatory requirements and capital availability. The share repurchase program does not obligate the Company to repurchase any minimum dollar amount or number of shares and the program may be modified, suspended or discontinued at any time.

During 2023, the Company repurchased 2.6 million shares of its common stock for $500 million under the share repurchase program. As of December 31, 2023, the Company has $338 million remaining under the program. On February 7, 2024, the Company announced that its Board of Directors authorized a $750 million increase to the share repurchase program, which was incremental to the amount remaining under the $750 million authorization announced on February 8, 2023.