XML 31 R18.htm IDEA: XBRL DOCUMENT v3.24.2.u1
STOCKHOLDERS' EQUITY
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY
11. STOCKHOLDERS' EQUITY

Share Repurchase Authorization — On November 2, 2017, the Company announced that the Board of Directors adopted a stock repurchase program. The stock repurchase program authorizes the Company to repurchase up to $400 million of the Company's common stock at any time, or from time to time. Any repurchases under the program may be made by means of open market transactions, negotiated block transactions, or otherwise, including pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The size and timing of any repurchases will depend on price, market and business conditions, and other factors. The Company has the ability to make discretionary repurchases up to an annual cap of $150 million, and $78.0 million remained available under under the $400 million total authorization of the stock repurchase program as of June 30, 2024. The stock repurchase program does not have an expiration date. Any shares repurchased will be held as treasury stock.

The following table summarizes the Company's repurchases of its common stock:

Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
(In millions, except per share data)
Shares repurchased1.3 — 2.5 — 
Weighted average price per share$35.81 $— $36.20 $— 
Total cost$44.8 $— $88.7 $— 
Excise tax (1)$0.4 $— $0.8 $— 

(1)The excise tax accrued in connection with the share repurchases was recorded as an adjustment to the cost basis of repurchased shares in treasury stock and within Accrued expenses on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024.