XML 34 R23.htm IDEA: XBRL DOCUMENT v3.22.2
Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

NOTE 18: SUBSEQUENT EVENTS

Bond Repurchase. On July 23, 2022, the Company redeemed $50.0 million in aggregate principal amount of the 2028 Notes for $51.5 million, which was at a redemption price of 103.0% of the principal amount, resulting in the recognition of a $1.5 million loss within other income and (expense), net in the third quarter Condensed Consolidated Statement of Comprehensive Income. The Company funded the transaction with cash on hand. As a result of this redemption, no 2028 Notes remain outstanding. The Company will write-off the remaining balance of the 2028 Notes issuance costs and will record a charge of $0.7 million within other interest and other expense on debt in the third quarter Condensed Consolidated Statement of Comprehensive Income.

Share Repurchase Authorization. On August 3, 2022, the Board of Directors approved a $75.0 million share repurchase authorization after the exhaustion of the previous share repurchase authorization during the second quarter of 2022. Under the authorization, which is effective through August 3, 2024, management has discretion in determining the conditions under which shares may be purchased from time to time.

Dividends. On August 3, 2022 , the Board of Directors declared a quarterly cash dividend in the amount of $0.15 per share of common stock, payable on September 15, 2022 to stockholders of record as of September 1, 2022. Future quarterly dividends, if any, will be subject to Board approval.