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ACCELERATED SHARE REPURCHASE | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
ACCELERATED SHARE REPURCHASE | 11. ACCELERATED SHARE REPURCHASE During 2026 and 2025, the Company entered into accelerated share repurchase (“ASR”) agreements providing for the repurchase of the Company's common stock based on the volume-weighted average price of the Company's common stock during the term of the applicable agreements, less a discount. The following table summarizes the terms of the ASR agreements (dollars and shares in millions, except per share data):
|  |  |  | Initial Delivery |  | Final Settlement
Agreement Date |  | Amount Paid |  | Shares Received |  | Price per Share |  | Value of Shares as % of Contract Value |  | Settlement Date |  | Total Shares Received |  | Average Price per Share
February 2025 |  | $ | 250.0 |  |  | 2.6 |  |  | $ | 76.00 |  |  | 80 | % |  | July 2025 |  | 3.5 |  |  | $ | 71.06 |
August 2025 |  | $ | 500.0 |  |  | 5.1 |  |  | $ | 78.30 |  |  | 80 | % |  | September 2025 |  | 6.3 |  |  | $ | 79.05 |
February 2026 |  | $ | 500.0 |  |  | 4.7 |  |  | $ | 85.90 |  |  | 80 | % |  | April 2026 |  | 6.1 |  |  | $ | 81.50 |
The ASR agreements were accounted for as two separate transactions: (1) the value of the initial delivery of shares was recorded as shares of common stock acquired in a treasury stock transaction on the acquisition date, and (2) the remaining amount of the purchase price paid was recorded as a forward contract indexed to the Company's own common stock and was initially recorded in Additional Paid-in Capital and subsequently, upon settlement, was transferred to Treasury Stock on the condensed consolidated balance sheets. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The Company determined that the forward contracts indexed to the Company's common stock met all the applicable criteria for equity classification and, therefore, were not accounted for as a derivative instrument.

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