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Common Stock Repurchase Programs | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Common Stock Repurchase Programs | Common Stock Repurchase Programs In May 2021, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock (“May 2021 Repurchase Program”), which was completed in March 2023. In January 2023, our Board of Directors authorized a new plan to repurchase up to $1.0 billion of our common stock (“January 2023 Repurchase Program”). The January 2023 Repurchase Program does not have an expiration date. Accelerated Share Repurchase Agreements (“ASRs”) We entered into ASRs providing for the repurchase of our common stock based on the volume-weighted average price during the term of the agreement, less an agreed upon discount. Under the terms of each ASR, the financial institution may be required to deliver additional shares of common stock at final settlement or, under certain circumstances, we may be required at our election, to either deliver shares or make a cash payment to the financial institution. The ASRs limit the number of shares we would be required to deliver. The following table summarizes the information regarding repurchases of our common stock under ASRs for the year ended December 31, 2024 and 2023:
Agreement Date |  | Repurchase Program |  | Amount Paid (in millions) |  |  |  |  |  |  |  | Completion Date |  | Total Shares Received |  | Average Price per Share
Q4 2022 |  | May 2021 |  | $ | 200.0 |  |  |  |  |  |  |  |  | Q1 2023 |  | 984,714 |  |  | $ | 203.10 |
Q1 2023 |  | May 2021 |  | $ | 250.0 |  |  |  |  |  |  |  |  | Q1 2023 |  | 805,908 |  |  | $ | 310.21 |
Q4 2023 |  | January 2023 |  | $ | 250.0 |  |  |  |  |  |  |  |  | Q1 2024 |  | 1,086,334 |  |  | $ | 230.13 |
Open Market Common Stock Repurchases
Agreement Date |  | Repurchase Program |  | Amount Paid (in millions) |  |  |  |  |  |  |  | Completion Date |  | Total Shares Received |  | Average Price per Share
Q4 2023 |  | January 2023 |  | $ | 100.0 |  |  |  |  |  |  |  |  | Q4 2023 |  | 465,518 |  |  | $ | 214.81 |
Q2 2024 |  | January 2023 |  | $ | 150.0 |  |  |  |  |  |  |  |  | Q2 2024 |  | 598,302 |  |  | $ | 250.73 |
Q4 2024 |  | January 2023 |  | $ | 202.9 |  |  |  |  |  |  |  |  | N/A 1 |  | 909,967 |  |  | $ | 222.94 |
1 In January 2025, we completed the open market repurchase program initiated in Q4 2024. In total we repurchased approximately 1.2 million shares of our common stock at an average price of $221.50 per share, including commissions and fees, for an aggregate purchase price of approximately $275.0 million. As of December 31, 2024 we had $297.1 million available for repurchases under the January 2023 Repurchase Program. In January 2025 we repurchased $72.1 million of our common stock initiated in the Q4 2024 open market repurchase program.

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