Stockholders' Equity |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholder's Equity | 8. STOCKHOLDERS’ EQUITY Special Distributions 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. On August 5, 2026, the Company’s Board of Directors approved an additional special cash distribution of $5.00 per share on the Company’s outstanding common stock following the completion of the sale of the Company’s RUCKUS segment. The distribution was paid on August 27, 2026, to stockholders of record as of August 17, 2026. The special distribution was funded primarily from proceeds received from the sale of the Company’s RUCKUS segment. The Company recorded distributions totaling $1,148.1 million and $3,521.8 million as a reduction of retained earnings during the three and nine months ended September 30, 2026, respectively. The distributions included amounts attributable to outstanding common shares as well as dividend equivalents associated with unvested RSUs and PSUs that were entitled to receive the special distributions under the terms of the Company’s equity compensation plans, net of forfeitures. Dividend equivalents associated with awards that are subsequently forfeited are reversed upon forfeiture in accordance with the terms of the applicable award agreements. During the nine months ended September 30, 2026, the Company paid cash distributions totaling $3,435.2 million in connection with the special distributions. The distributions included distributions paid on outstanding common shares and dividend equivalents paid with respect to equity awards that vested during the period in accordance with the terms of the Company’s equity compensation plans. As of September 30, 2026, $86.6 million of special dividend equivalents associated with unvested awards remained payable, of which $54.1 million and $32.5 million were classified as current and non-current, respectively, based on the expected vesting dates of the underlying awards. Such dividend equivalents are payable 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. On August 26, 2026, the Board of Directors approved an additional authorization of $150.0 million under the Company’s share repurchase program, increasing the aggregate authorization to $250.0 million. Repurchases under the share repurchase program 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 the Company might otherwise be precluded from doing so. The method, timing and amount of shares repurchased under the share repurchase program will depend on several factors, including capital and liquidity requirements, market conditions and alternative uses for cash. The share repurchase program does not have a set expiration date and may be modified, suspended or discontinued at any time. During both the three and nine months ended September 30, 2026, the Company repurchased 17.7 million shares of its common stock through open market transactions for an aggregate purchase price of $156.7 million under its authorized share repurchase program. In addition, the Company paid $0.3 million of commissions and accrued $1.6 million of excise tax on such share repurchases. As of September 30, 2026, approximately $93.3 million remained available for repurchase under the program. |