Stockholders' Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholder's Equity | 8. STOCKHOLDERS’ EQUITY Special Distribution On April 7, 2026, the Company's board of directors approved a special cash distribution of $10.00 per share on the Company's outstanding common stock. The distribution was paid on April 27, 2026, to stockholders of record as of April 17, 2026. The special distribution was funded primarily from proceeds received from the sale of the Company's CCS segment.
Upon declaration, the Company recorded a total distribution of $2,373.7 million as a reduction of retained earnings. This amount included the distribution attributable to outstanding common shares as well as dividend equivalents associated with unvested RSUs and PSUs that were entitled to receive the special distribution under the terms of the Company's equity compensation plans.
During the quarter ending June 30, 2026, the Company distributed $2,316.3 million in connection with the special distribution. The distribution amount included distributions paid on outstanding common shares and dividend equivalents paid with respect to equity awards that were vested during the quarter in accordance with the terms of the Company's equity compensation plans. Dividend equivalents associated with unvested awards that remained outstanding at June 30, 2026 will be paid upon vesting of the related awards. Repurchase Program On April 29, 2026, the Company’s board of directors approved a new share repurchase program, replacing the previous program, authorizing, but not obligating, the repurchase of up to an aggregate of $100.0 million of the Company’s outstanding common stock. Repurchases under the stock repurchase programs may be made at management’s discretion from time to time on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements and may be made in part under one or more Rule 10b5-1 and Rule 10b-18 plans, which permit stock repurchases at times when we might otherwise be precluded from doing so. The method, timing and amount of shares repurchased under the repurchase program will depend on several factors, including capital and liquidity requirements, market conditions and alternative uses for cash. The repurchase program does not have a set expiration date, but may be modified, suspended or discontinued at any time. There were no share repurchases as of June 30, 2026. |