14. Share Repurchase Programs

In August 2024, the Board of Directors of the Company (the “Board”) authorized a share repurchase program for up to $200.0 million (the “2024 Repurchase Program”). In December 2025, the Board authorized a share repurchase program for up to an additional $400.0 million (the “2025 Repurchase Program” and, together with the 2024 Repurchase Program, the “Repurchase Programs”). The Repurchase Programs do not have an expiration date. During the three months ended March 31, 2026, the Company repurchased 359,782 shares of common stock under the Repurchase Programs at a cost of $60.0 million. Shares repurchased under the Repurchase Programs will be held in treasury for future use.

On December 9, 2025, the Company entered into an accelerated stock repurchase agreement (the “ASR”) with JPMorgan, pursuant to which the Company paid $300.0 million and received an initial delivery of 1,386,001 shares of the Company’s common stock (the “Initial ASR Shares”), representing 80% of the value of such payment in shares, calculated based on the closing share price of $173.16 per share on December 9, 2025. Final settlement of the ASR occurred on February 4, 2026 with the delivery of 359,782 additional shares. The average purchase price per share for shares of common stock purchased by the Company pursuant to the ASR was $171.84, which was determined based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR, less a discount. The 2024 Repurchase Program was exhausted by the ASR.

As of March 31, 2026, the Company had $205.0 million of remaining capacity under the 2025 Repurchase Program.