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Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity 13. Equity
Share Repurchase Program
The Board of Directors reset the total repurchase authorization of the Company’s previously approved share
repurchase program to $1.4 billion in shares of the Company’s common stock, effective as of February 6, 2024, which
authorization replaced the Company’s prior $500 million authorization. Under the share repurchase program, shares of the
Company’s common stock may be repurchased from time to time in open market transactions, in privately negotiated
transactions, or otherwise, including through Rule 10b5-1 plans. The timing and actual number of shares of common stock
repurchased will depend on a variety of factors, including legal requirements and price, economic, and market conditions. In
addition to repurchases of common stock, the share repurchase program is used for the payment of tax withholding amounts
upon net share settlement of equity-based awards granted pursuant to our Equity Incentive Plan or otherwise based on the value
of shares withheld that would have otherwise been issued to the award holder. The share repurchase program may be suspended
or discontinued at any time and does not have a specified expiration date. As of December 31, 2024, $852.2 million of
repurchase capacity remained under the program, which reflects both common shares repurchased and shares retired in
connection with the net share settlement of equity-based awards. The following table presents the Company’s shares that have
been repurchased or retired as a result of net share settlement of equity-based awards during the years ended December 31,
2024 and 2023. Dollar amounts exclude the impact of excise taxes.
Year Ended December 31,
2024
2023
(Dollars in millions)
Shares
$
Shares
$
Shares repurchased
8,984,957
$395.6
6,505,037
$203.5
Shares retired in connection with the net share settlement of
equity-based awards
3,332,881
159.0
—
—
Total
12,317,838
$554.6
6,505,037
$203.5
Dividends
The table below presents information regarding the quarterly dividends on the common shares, which were made at the
sole discretion of the Board of Directors of the Company.
Dividend Record Date
Dividend Payment Date
Dividend per Common
Share
Dividend to Common
Stockholders
(Dollars in millions, except per share data)
May 16, 2023
May 23, 2023
$0.35
$126.7
August 15, 2023
August 23, 2023
0.35
126.3
November 21, 2023
November 29, 2023
0.35
126.3
February 23, 2024
March 1, 2024
0.35
126.7
Total 2023 Dividend Year
$1.40
$506.0
May 14, 2024
May 21, 2024
$0.35
$125.6
August 16, 2024
August 26, 2024
0.35
125.5
November 18, 2024
November 25, 2024
0.35
125.2
February 21, 2025
February 28, 2025
0.35
126.5
Total 2024 Dividend Year
$1.40
$502.8
The Board of Directors will take into account general economic and business conditions, as well as the Company’s
strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and
regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by
subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the
Company’s credit facility provide certain limits on the Company’s ability to pay dividends.