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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase Programs On August 26, 2025 our Board of Directors approved a stock repurchase program to acquire up to $200 million in shares of our outstanding common stock in the open market. There is no expiration date for this repurchase plan. The rationale for this repurchase program, and the amount thereof, was to execute against our previously disclosed capital priorities to grow responsibly, maintain balance sheet strength, and return value to shareholders. This repurchase program is in addition to the Company’s prior $150 million stock repurchase program, which was announced in March 2025 and was completed in April 2025. During the nine months ended September 30, 2025, under these authorized stock repurchase programs, we acquired a total of 3.8 million shares of our common stock for $190 million plus applicable excise tax on stock repurchases, with 0.6 million of those shares having been repurchased in the third quarter for $40 million. Following their repurchase, these 3.8 million shares ceased to be outstanding shares of common stock and are now treated as authorized but unissued shares of common stock. As of September 30, 2025, we had $160 million remaining for future repurchases under our current authorized stock repurchase program. During October 2025, we repurchased another 0.4 million shares of common stock for $20 million plus applicable excise tax on stock repurchases. On October 23, 2025, our Board of Directors approved an increase of an incremental $200 million to our current share repurchase program, meaning as of October 28, 2025, $340 million remained available for future repurchases under our current authorized stock repurchase program, for which there is no expiration date. Stock Compensation Expense During the nine months ended September 30, 2025, we awarded 841,575 service-based restricted stock units (RSUs) with a weighted average grant date fair market value per share of $61.56 as determined on the date of grant. Service-based restricted stock units typically vest ratably over three years provided that the participant is employed by us on each such vesting date. During the nine months ended September 30, 2025, we awarded 141,117 performance-based restricted stock units with a fair market value of approximately $61.95. Performance-based RSUs cliff vest at the end of three years, if specific performance measures tied to our financial performance are met. For the performance-based RSUs awarded in 2025, the predefined vesting criteria permit a range from 0% to 160% to be earned, subject to a market-based condition. Accruals of compensation cost for an award with a performance condition are based on the probable outcome of that performance condition. If the performance targets are met, these awards will vest with respect to the entire award on February 18, 2028, provided that the participant is employed by us on the vesting date (subject to certain limited exceptions, such as death, disability and qualifying retirements). For the three months ended September 30, 2025 and 2024, we recognized $14 million and $13 million in stock-based compensation expense, respectively. For both the nine month periods ended September 30, 2025 and 2024, we recognized $41 million in stock-based compensation expense, respectively. Dividends During the three and nine months ended September 30, 2025, we paid $9 million and $31 million, respectively, in dividends to holders of our common stock. O n October 23, 2025, our Board of Directors declared a quarterly cash div idend of $0.23 per share on our common stock, payable on December 12, 2025, to stockholders of record at the close of business on November 7, 2025.

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