Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share The following table details the reconciliation of basic earnings per share to diluted earnings per share:
Convertible Senior Notes due 2031 On May 14, 2026, we issued 0.50% Convertible Senior Notes due 2031 (the “2031 Notes”) in the aggregate principal amount of $1.44 billion. The 2031 Notes are convertible into shares of our common stock at an initial conversion price of $405.94 per share. The potential dilutive effect of the 2031 Notes is calculated using the if-converted method. For the three and six months ended June 30, 2026, the average market price of our common stock was below the conversion price of the 2031 Notes. As a result, no dilutive impact is reflected in the computation of diluted earnings per share. Approximately 3.54 million remaining resulting common shares related to the 2031 Notes are not included in the dilutive weighted-average common shares outstanding calculation for the three and six months ended June 30, 2026, as none of the conversion features have been triggered. In addition, approximately 3.50 million shares underlying the Capped Call transactions entered into in connection with the 2031 Notes were excluded from diluted earnings per share for the three and six months ended June 30, 2026, as their effect would have been antidilutive. Convertible Senior Notes due 2026 On March 9, 2021, we issued 0.25% Convertible Senior Notes due in 2026 (the “2026 Notes”) in the aggregate principal amount of $600.0 million . The potential dilutive effect of the 2026 Notes was calculated using the if-converted method based on the conversion price of $493.44 per share. During the three and six months ended June 30, 2026, the Company repaid the $600.0 million aggregate principal amount of the 2026 Notes with no conversions; therefore no dilutive impact is reflected in the table above. For the three and six months ended June 30, 2025, the average stock price for the period exceeded the conversion price, and the dilutive effect of the 2026 Notes was included in diluted earnings per share. Antidilutive Securities related to stock awards The following securities were excluded from the computation of diluted earnings per share because their effect would have been antidilutive: •stock awards representing approximately 596,000 and 493,000 shares for the three and six months ended June 30, 2026, respectively; and •stock awards representing approximately 83,000 and 53,000 shares for the three and six months ended June 30, 2025, respectively.
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