Shareholders' Equity

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Treasury stock

Prior to November 15, 2024, shares we repurchased were held in treasury stock unless they were reissued under the discretion of our Board of Directors. As of November 15, 2024, we retired all shares of our treasury stock, which resulted in an adjustment to retained earnings equal to the cumulative amount of repurchase price paid in excess of par value for treasury stock held as of that date. Subsequent to the retirement of the treasury stock, all shares of our common stock that we repurchase are immediately retired. Going forward, the amount of the repurchase price paid in excess of par value for repurchased shares will be recorded as an adjustment to retained earnings.

Share repurchase programs

Repurchases of our common stock may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. In the three months ended March 31, 2025, we repurchased 9.2 million shares for $224.3 million, inclusive of commissions. In 2024, we repurchased approximately 25.3 million shares of our common stock for $566.6 million, inclusive of commissions. As of March 31, 2025, we had remaining authorization to repurchase $232.9 million through December 31, 2026, under a share repurchase program approved by the Board of Directors in 2024. Through April 25, 2025, we repurchased an additional 2.8 million shares totaling $65.8 million, inclusive of commissions.

In April 2025, our Board of Directors approved an additional share repurchase program, authorizing us to purchase up to $750 million of common stock prior to December 31, 2027.

Cash dividends

In the first quarter of 2025, we paid quarterly cash dividends of $0.13 per share which totaled $32.5 million. On April 24, 2025, the Board of Directors declared a quarterly cash dividend to the holders of the company’s common stock of $0.13 per share payable on May 21, 2025, to shareholders of record on May 8, 2025.