Repurchase Program |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Equity [Abstract] | |
| Repurchase Program | Repurchase Program In October 2025, the Company's Board of Directors authorized a share repurchase program that authorized the Company to repurchase up to $150.0 million of its common stock, and in July 2026, the Board of Directors authorized up to an additional $350.0 million in repurchases, collectively, the Repurchase Program. The Repurchase Program permits shares of common stock to be repurchased from time to time at management's discretion, through open market purchases or privately negotiated transactions, including accelerated share repurchase transactions, block trades or pursuant to Rule 10b5-1 trading plans. The timing and number of shares of common stock repurchased will depend on a variety of factors, including but not limited to the market price of our common stock, general business and market conditions, alternative investment opportunities and funding considerations. The Repurchase Program does not obligate the Company to repurchase any specific number or dollar amount of shares and has no expiration date. The Repurchase Program may be modified, suspended or terminated by the Company's Board of Directors at any time. During the three months ended September 30, 2026, the Company repurchased 633 shares for $38.8 million. During the nine months ended September 30, 2026, the Company repurchased 2,900 shares for $158.9 million. All shares of common stock that were repurchased were retired. In connection with these repurchases, the Company accrued $0.5 million of federal excise tax under the Inflation Reduction Act of 2022, which has been recorded as an additional cost of the repurchases and reflected as a reduction of additional paid-in capital. As of September 30, 2026, $336.1 million of the above-referenced authorizations remained available for future stock repurchases.
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