Stockholders’ Deficit |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders’ Deficit | Note 13—Stockholders’ Deficit In June 2023, the Board of Directors approved a stock repurchase program that authorized the Company to repurchase up to $1 billion of its common stock. The program was completed in the first quarter of 2025. In October 2024, the Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $1 billion of its common stock (the “October 2024 Stock Repurchase Program”). The program was completed in the second quarter of 2026. In December 2025, the Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $750 million of its common stock (the “December 2025 Stock Repurchase Program”). As of June 30, 2026, the remaining amount available to be repurchased under the December 2025 Stock Repurchase Program was $578.2 million. On August 3, 2026, the Audit Committee of the Board of Directors, acting pursuant to a delegation of authority from the Board of Directors, approved a new stock repurchase program that authorizes the Company to repurchase up to an additional $2 billion of its common stock. The stock repurchase programs have no expiration date and may be modified, suspended, or terminated at any time by the Board of Directors. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, stock price, trading volume, and general market conditions, along with the Company’s working capital requirements, general business conditions, and other factors. Under the stock repurchase programs, the Company may purchase shares of its common stock through various means, including open market transactions, privately negotiated transactions, tender offers, or any combination thereof. In addition, open market repurchases of common stock have been and could be made pursuant to trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. During the three and six months ended June 30, 2026, the Company repurchased approximately 3.9 million and 6.5 million shares, respectively, at an average price of $64.47 and $60.38 per share, respectively, excluding broker commissions and excise tax, under the October 2024 and December 2025 Stock Repurchase Programs noted above. All repurchased shares of common stock have been retired.
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