Shareholders' Equity |
3 Months Ended |
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Jun. 30, 2026 | |
| Equity [Abstract] | |
| Shareholders' Equity | Shareholders’ Equity Share Repurchase Program In May 2024, the Company announced a share repurchase program for up to $500 million of common stock, which was completed in February 2026. In February 2026, the Company announced a new share repurchase program under which it is authorized to purchase up to $1 billion of common stock from time to time on the open market or through privately negotiated transactions, including, without limitation, through Rule 10b5-1 trading plans, any other legally permissible means, or any combination of the foregoing. The new share repurchase program has no time limit and does not obligate the Company to acquire any specific dollar amount or to acquire any specific number of shares on any particular timetable or at all. The number of shares to be repurchased will depend on market conditions and other factors. Repurchases under the program are expected to be funded from a combination of existing cash balances and future cash flow. For the three months ended June 30, 2026 and 2025, the Company repurchased and retired 7.1 million and 0.9 million shares of its common stock for $275.5 million and $45.0 million, respectively, excluding excise taxes. For the three months ended June 30, 2026, the Company recognized $1.6 million of excise taxes as a cost of shares repurchased, which is included within “Accrued expenses, current” in the condensed consolidated balance sheets. For the three months ended June 30, 2025, the Company did not recognize excise taxes on the cost of shares repurchased, because the fair value of shares issued exceeded shares repurchased. As of June 30, 2026, $573.1 million remained available for future repurchases.
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