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Common Stock Repurchase Programs | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Common Stock Repurchase Programs | Common Stock Repurchase Programs We enter into Accelerated Share Repurchase (“ASR”) agreements and Open Market Repurchase (“OMR”) programs 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. In January 2023, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock (“January 2023 Repurchase Program”). The January 2023 Repurchase Program was completed in its entirety in the second quarter of 2025. In April 2025, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock (the “April 2025 Repurchase Program”). The April 2025 Repurchase Program is expected to be completed over a period of up to three years. As of December 31, 2025, we have $831.2 million remaining available for repurchase under the April 2025 Repurchase Program. The following tables summarize the total repurchases of our common stock pursuant to ASR agreements and OMR programs under the January 2023 and April 2025 Repurchase Programs for the years ended December 31, 2025 and 2024: Accelerated Share Repurchases
Agreement Date |  | Repurchase Program |  | Amount Paid (in millions) |  |  |  |  |  |  |  | Completion Date |  | Total Shares Received |  | Average Price per Share
Q4 2023 |  | January 2023 |  | $ | 250.0 |  |  |  |  |  |  |  |  | Q1 2024 |  | 1,086,334 |  |  | $ | 230.13 |
Open Market 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 |  | $ | 275.0 |  |  |  |  |  |  |  |  | Q1 2025 |  | 1,241,509 |  |  | $ | 221.50 |
Q1 2025 |  | January 2023 |  | $ | 225.0 |  |  |  |  |  |  |  |  | Q2 2025 |  | 1,339,124 |  |  | $ | 168.02 |
Q3 2025 |  | April 2025 |  | $ | 168.8 |  |  |  |  |  |  |  |  | N/A 1 |  | 1,203,883 |  |  | $ | 140.22 |
1 On August 5, 2025, we initiated a $200 million open market repurchase program, which was completed in January 2026. The amount paid, total shares received and average price per share per the table above are determined as of December 31, 2025. As of December 31, 2025, we had $831.2 million available for repurchases under the April 2025 Repurchase Program. In January 2026, we repurchased $31.2 million of our common stock initiated in the Q3 2025 open market repurchase program.

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