EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

EQUITY

14. EQUITY

In November 2024, the Board of Directors approved a share repurchase program (the “2024 Repurchase Program”) of up to $500.0 million of the Company’s outstanding common stock over the next 18 months. Correspondingly, the Company entered into a Rule 10b-18 repurchase plan that allows it to conduct open market repurchases periodically up to the remaining authorization under the 2024 Repurchase Program. There were no share repurchases of our common stock during the year ended December 31, 2024.

Repurchased shares are held as treasury stock. The amount paid to repurchase shares will be recorded as a reduction to stockholders’ equity. As treasury stock is not considered shares outstanding, it will be excluded from average common stock outstanding for both basic and diluted earnings per share.