Common Stock and Related Matters |
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| Class of Stock Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock and Related Matters | Note 8 — Common Stock and Related Matters
Common Share Repurchase Program
In May 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. During the first quarter of 2025, we exhausted the 2023 Share Repurchase Program.
In July 2024, our Board of Directors approved a share repurchase program (the “2024 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. In addition, in August 2025, our Board of Directors approved a new share repurchase program (the “2025 Share Repurchase Program” and, together with the 2024 Share Repurchase Program, the “Share Repurchase Programs”) for the repurchase of up to $1.0 billion of our outstanding common stock. We are not obligated to repurchase any specific dollar amount or number of shares under the Share Repurchase Programs and may discontinue these programs at any time.
For the three and six months ended June 30, 2025, we repurchased 1,955,099 shares and 2,606,262 shares of our common stock at a weighted average per share price of $165.86 and $172.35 for a total net cost of $324.3 million and $449.2 million, respectively. For the three and six months ended June 30, 2024, we repurchased 2,985,816 shares and 4,172,260 shares of our common stock at a weighted average per share price of $118.91 and $114.75 for a total net cost of $355.1 million and $478.8 million, respectively.
As of June 30, 2025, there was $566.2 million remaining under the 2024 Share Repurchase Program. The amount authorized under the 2025 Share Repurchase Program is in addition to the amount that remained under the 2024 Share Repurchase Program.
Common Stock Dividends
In April 2025, we declared an increase to our common dividend to $1.00 per common share, or $4.00 per common share annualized, effective for the first quarter of 2025.
The following table details the dividends declared and/or paid by us to common shareholders for the six months ended June 30, 2025:
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