XML 66 R19.htm IDEA: XBRL DOCUMENT v3.24.2
Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events
13. Subsequent Events
Stock Repurchase Program
On July 16, 2024, our Board of Directors reauthorized, expanded and replenished our existing stock repurchase program. The expansion raised the total capacity under the stock repurchase program from $500.0 million to $800.0 million available for repurchases. The program does not have an expiration date.
From January 1, 2024 and prior to the replenishment on July 16, 2024, we repurchased 2,954,211 shares of our stock for $262.6 million under the stock repurchase program, representing approximately 5.5% of our common stock outstanding as of December 31, 2023. As of July 16, 2024, the amount available to purchase stock under our repurchase program was $800.0 million.
Repurchases by us will be subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors. Stock repurchases may be made from time to time in open market transactions, in private transactions or otherwise in accordance with applicable securities laws and regulations and other legal requirements, including compliance with our finance agreements. There is no minimum number of shares that we are required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. All shares purchased will be held in our treasury for possible future use. We anticipate funding any stock repurchases from its cash flow from operations, though we may fund repurchases through borrowings or otherwise in our discretion.
Additional information regarding the stock repurchase program reauthorization is contained in our Current Report on Form 8-K filed with the SEC on July 18, 2024.