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Share Repurchase Program | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share Repurchase Program | Share Repurchase Program In February 2022, the Company’s board of directors authorized the Company to repurchase up to $100.0 million of outstanding shares of its common stock pursuant to a new share repurchase program (the “Program”). Additionally, the Company’s board of directors authorized increases to the Program of $150.0 million, $200.0 million, and $100.0 million in June 2022, November 2022, and May 2023, respectively, which resulted in a total of $550.0 million of outstanding shares of its common stock authorized to be repurchased under the Program. The Company may repurchase shares of common stock through open market or privately negotiated transactions, block purchases, or pursuant to one or more Rule 10b5-1 plans. The Program has no expiration date and will continue until otherwise suspended, terminated, or modified at any time for any reason by the board of directors. The Program does not obligate the Company to repurchase shares of common stock. There is no minimum or maximum number of shares to be repurchased under the Program. The timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions, corporate and regulatory requirements, and other investment opportunities. During the year ended December 31, 2022, the Company repurchased 18.6 million shares of its Class A common stock for $339.3 million under the share repurchase program, including 7.7 million shares of its Class A common stock delivered under three accelerated share repurchase agreements totaling $150.0 million, 7.9 million shares of its Class A common stock delivered under a Rule 10b5-1 plan totaling $137.7 million, and 3.0 million shares of its Class A common stock totaling $51.6 million through open market purchases. During the year ended December 31, 2023, the Company repurchased 9.6 million shares of its Class A common stock for $147.3 million under the Program, including 6.9 million shares of its Class A common stock delivered under a Rule 10b5-1 plan totaling $110.7 million, 2.6 million shares of its Class A common stock purchased in the open market totaling $36.6 million, and 0.1 million shares of its Class A common stock delivered upon the final settlement of the accelerated share repurchase agreement that the Company entered into in December 2022. Approximately $63.4 million remains available for future repurchases of the Company’s common stock under the Company’s share repurchase program as of December 31, 2023. All shares repurchased under the Program were immediately retired. Repurchased shares reduced the Company’s outstanding shares and its weighted average number of shares of common stock outstanding for purposes of calculating basic and diluted earnings per share.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505-30/tableOfContent + Details
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