Shareholders' Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Shareholders' Equity

5. SHAREHOLDERS' EQUITY

Stock Repurchase Programs

On March 12, 2025, the Board of Directors of the Company approved a new common stock repurchase program of up to $500.0 million (the "2025 Stock Repurchase Program"). The 2025 Stock Repurchase Program includes and is not in addition to the $125.6 million remaining under the 2021 Stock Repurchase Program. Share repurchases may be made at management's discretion from time to time in the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time. We had approximately $184.2 million of repurchase authority remaining under the 2025 Stock Repurchase Program at June 30, 2025, based on trade date. See Note 16, "Subsequent Events", for information on an updated stock repurchase program approved by the Board of Directors in July 2025.

During the three and six months ended March 31, 2025 and 2024, we repurchased the following shares under our stock repurchase programs:

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except share data)	2025			2024			2025			2024
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2025 Stock Repurchase Program	2,565,964	$	250.4	—	$	—	3,152,202	$	315.8	—	$	—
2021 Stock Repurchase Program	—	—		93,874	13.0		212,012	24.0		278,695	35.0
Total	2,565,964	$	250.4	93,874	$	13.0	3,364,214	$	339.8	278,695	$	35.0

The Duchossois Group Share Repurchase

On January 2, 2024, the Company closed on an agreement, dated December 18, 2023, with an affiliate of The Duchossois Group ("TDG") to repurchase 1,000,000 shares of the Company’s common stock, for $123.75 per share in a privately negotiated transaction for an aggregate purchase price of $123.8 million. This represented a discount of 4.03% to the closing price on December 15, 2023 of $128.95. The repurchase of shares of common stock from TDG was approved by the Company's Board of Directors separately from and did not reduce the authorized amount remaining under any existing common stock repurchase programs. The repurchase of the shares was funded using available cash and borrowings under the Company’s senior secured credit facility.

As of June 30, 2025 and December 31, 2024, we had $1.9 million and $3.0 million, respectively, accrued for the future cash settlement of executed repurchases of our common stock.