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Common Stock Issued and Outstanding | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Common Stock Issued and Outstanding | Note R – Common Stock Issued and Outstanding Activity in the number of shares of common stock issued and outstanding for each of the three years presented is shown below.
(Number of shares outstanding) | 2024 |  | 2023 |  | 2022
Beginning of year | 152,748,642 |  |  | 155,467,319 |  |  | 154,463,050 |
Stock options exercised 1 | — |  |  | 2,657 |  |  | 181,655 |
Restricted stock awards 1 | 1,105,268 |  |  | 689,824 |  |  | 822,614 |
Treasury shares purchased | (8,008,786) |  |  | (3,411,158) |  |  | — |
End of year | 145,845,124 |  |  | 152,748,642 |  |  | 155,467,319 |
1 Shares issued upon exercise of stock options and award of restricted stock are less than the amount reflected in Note I due to withholdings for statutory income taxes owed upon issuance of shares. The Company’s Board of Directors has authorized a share repurchase program whereby the Company can repurchase up to $1,100.0 million of its common stock. This repurchase program has no time limit and may be suspended or discontinued completely at any time without prior notice as determined by the Company at its discretion and dependent upon a variety of factors. During the year ended December 31, 2024, the Company repurchased 8.0 million shares of its common stock under the share repurchase program for $300.0 million ($302.7 million including excise taxes and fees). As of December 31, 2024, the Company had $650.1 million of its common stock remaining available to repurchase under the program. Subsequent to year end, as of February 25, 2025, the Company repurchased 3.4 million shares of its common stock in open-market transactions for $95.1 million, excluding taxes and fees. As of this date, the Company had $555.0 million of its common stock remaining available to repurchase under the program. The share repurchase program is a component of the Company’s capital allocation framework, the details of which can be found as part of the Company’s Form 8-K filed on August 4, 2022 and Form 8-K filed on August 8, 2024.

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