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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
In 2023, the Company repurchased approximately 0.1 million shares of its common stock for $7.8 million in cash under its share repurchase authorization. On May 5, 2022, the Company's Board of Directors approved a $1 billion authorization of its common stock, which replaced the previous $500 million authorization announced in February 2019. In 2024, the Company repurchased approximately 1.3 million shares of its common stock for $223.1 million in cash under its share repurchase authorization. At December 31, 2024, $593.1 million was available under the Company’s Board of Directors authorization for future share repurchases.
Effective February 9, 2024, the Company’s Board of Directors approved a 12% increase in the quarterly cash dividend on the Company’s common stock to $0.28 per common share from $0.25 per common share.
At December 31, 2024, the Company held 39.4 million shares in its treasury at a cost of $2,114.0 million, compared with 38.4 million shares at a cost of $1,896.6 million at December 31, 2023. The number of shares outstanding at December 31, 2024 was 230.7 million shares, compared with 230.9 million shares at December 31, 2023.
Subsequent Events
Effective February 7, 2025, the Company's Board of Directors approved an 11% increase in the quarterly cash dividend on its common stock to $0.31 per share from $0.28 per share.
Effective February 7, 2025, the Company's Board of Directors approved a $1.25 billion share repurchase authorization. This new authorization replaces the previous $1 billion share repurchase authorization approved in May 2022.