Stock Repurchases

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stock Repurchases

STOCK REPURCHASES:

In December 2017, the Company's Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025. This program terminated on December 31, 2024.

On February 18, 2025, the Company's Board of Directors approved a capital return framework that involves a mix of dividends and share repurchases. The repurchase program permits the repurchase, from time to time, of the Company's outstanding shares of common stock in an aggregate amount of up to $1 billion, subject to certain limitations in the Company's debt agreements.

Under the terms of the program, the Company is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. The Company is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock are to be funded from available cash on hand or short-term borrowings. The program does not obligate the Company to acquire any particular amount of its common stock, and the program can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements imposed by any credit agreement, receivables purchase agreements or indentures.

During the three months ended March 31, 2025 and 2024, the Company repurchased and retired 1,377,294 and 615,288 shares, respectively, of the Company's common stock at an average price of $73.52 and $90.82 per share, respectively.