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Stockholders' (Deficit) Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' (Deficit) Equity
Note 15—Stockholders’ (Deficit) Equity
Stock Repurchases
On June 14, 2023, the Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $1 billion of its common stock (the “June 2023 Stock Repurchase Program”). As of December 31, 2023, the remaining amount available to be repurchased under the approved plan was $724.4 million.
The June 2023 Stock Repurchase Program does not have a time limit and may be modified, suspended, or terminated at any time by the Board of Directors. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, stock price, trading volume, and general market conditions, along with the Company’s working capital requirements, general business conditions, and other factors.

In May 2022, the Board of Directors approved a stock repurchase program that authorized the Company to repurchase up to $600 million of its common stock. All purchases under this program were completed in the third quarter of 2023.
In December 2020, the Board of Directors approved a stock repurchase program that enabled the Company to repurchase up to $250 million of its common stock. The program was completed in the third quarter of 2022.
The following table summarizes the Company’s cumulative stock repurchase activity under the programs noted above (in thousands, except share and per share amounts):
Shares RepurchasedAverage Price Paid per Share (1)
Repurchases of common stock for the year ended December 31, 20236,879,844 83.86
Repurchases of common stock for the year ended December 31, 20223,958,155 107.56 
Repurchases of common stock for the year ended December 31, 2021554,718 221.33 
(1)Average price paid per share excludes broker commissions and excise tax.
All repurchases were made using cash on hand, and all repurchased shares of common stock have been retired.
Under the June 2023 Stock Repurchase Program, the Company may purchase shares of its common stock through various means, including open market transactions, privately negotiated transactions, tender offers, or any combination thereof. In addition, open market repurchases of common stock could be made pursuant to trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.
The 2018 capped call transactions matured on March 1, 2023, and in accordance with the settlement terms, the Company received 1,194,006 shares of the Company’s common stock from the counterparties to the capped call instruments. These shares were retired upon receipt. See “Note 13—Debt” for additional information. This receipt and subsequent retirement of shares was separate from the stock repurchase plans approved by the Board of Directors as described above.
Additionally, in June 2021, the Company repurchased approximately 1.1 million shares of its common stock for approximately $180 million concurrently with the issuance of the 2021 Notes. See “Note 13—Debt” for more information. This repurchase was separate from the stock repurchase program approved by the Board of Directors in December 2020.