Stock Repurchase Program

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

Holdings’ Board of Directors has authorized a common stock repurchase program to repurchase up to $1.0 billion worth of shares of its common stock. The program is in effect until December 31, 2025, unless extended or earlier terminated by the Board of Directors. Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as Holdings deems appropriate. Holdings is funding this program with cash on hand and borrowings under the revolving facility. The common stock repurchase program has available capacity of $399.7 million as of December 31, 2023. On August 16, 2022, Congress passed the Inflation Reduction Act of 2022, which enacted a 1% excise tax on stock repurchases that exceed $1.0 million, effective January 1, 2023.

The share repurchases and the cost associated with those repurchases are as follows:

	For the Year Ended December 31,
	2021		2022		2023
Shares repurchased	1,770,720		7,883,195		—
Cost of shares repurchased (in thousands)	$	58,598	$	185,119	$	—