Stock |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Stock | Stock Preferred Stock. There are 125 million shares of $0.01 par value Preferred Stock authorized, of which none were issued as of June 30, 2025 and December 31, 2024. Common Stock. There are 2.0 billion shares of $0.01 par value Common Stock authorized. As of June 30, 2025 and December 31, 2024, 439.2 million and 438.6 million shares of Common Stock were issued, respectively, which includes 46.8 million and 41.0 million shares of treasury stock, respectively. Treasury Stock. As of December 31, 2024, the Company was authorized by the Board of Directors to purchase up to $2.0 billion of Common Stock under a share repurchase program, of which $200 million was remaining at such time. On January 16, 2025, our Board of Directors revoked any remaining share repurchase authority under the prior share repurchase program and approved a new share repurchase program for up to $2.0 billion of Common Stock, of which $1.5 billion was remaining as of June 30, 2025. During the quarter and six months ended June 30, 2025, the Company repurchased 3.2 million and 5.8 million shares, respectively, for $300 million and $553 million, respectively, compared to 3.2 million and 6.5 million shares, respectively, in the same periods of 2024 for $300 million and $600 million, respectively. Share repurchases in excess of issuances are subject to a 1% excise tax, which is included as part of the cost basis of the shares acquired in Treasury Stock on the Condensed Consolidated Balance Sheets, as well as within financing activities in the Condensed Consolidated Statements of Cash Flows when paid. The Company's share repurchase program does not obligate it to acquire any specific number of shares. Under this program, shares may be purchased in the open market, in privately negotiated transactions, under accelerated share repurchase programs or under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
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