Stock and Debt Repurchases

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stock and Debt Repurchases

NOTE 4—STOCK AND DEBT 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 (the “Second Lien Notes”). 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 covenants under the Revolving Credit Facility and the Series 2025 Bonds Indentures (as defined in Note 13—Long-Term Debt) that may limit or restrict the Company’s ability to repurchase shares of its common stock.

Under the terms of the program, consistent with the previous 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 are to be funded from available cash on hand or short-term borrowings. The program does not obligate the Company to make any repurchases, 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 as well as any covenants or other requirements included in the Company’s credit agreements, receivables purchase agreements and indentures.

During the years ended December 31, 2025, 2024 and 2023, the Company repurchased and retired 3,088,520, 747,351 and 5,224,016 shares, respectively, of the Company’s common stock at an average price of $72.61, $89.49 and $75.69 per share, respectively. All remaining outstanding Second Lien Notes were redeemed by the Company during the year ended December 31, 2023, and thus, no open market repurchases of the Company’s Second Lien Notes were made during the years ended December 31, 2024 and 2023.