SHARE REPURCHASE PROGRAMS

9 Months Ended

Sep. 30, 2025

Share Repurchase Programs [Abstract]

During the nine months ended September 30, 2025, we maintained two share repurchase programs approved by our board of directors. The first program authorized management to repurchase up to 2 million shares of common stock issued to employees under our employee stock plans since August 31, 2023, under an anti-dilutive program (the "2023 Anti-Dilutive Program"). The second program granted management discretion to repurchase up to 2 million shares of common stock over a period of two years under a discretionary share repurchase program (the "October 2024 Discretionary Program"). Share repurchases under both programs could have been be made from time to time using our working capital and other borrowing sources. Shares are repurchased under open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements and other factors, including balance sheet leverage, availability of acquisitions and stock price.

In October 2025, our board of directors approved two new share repurchase programs. The first program authorizes management to repurchase up to 1.5 million shares of common stock issued to employees under our employee stock plans since

August 31, 2025, under an anti-dilutive program (the "2025 Anti-Dilutive Program"). The second program grants management discretion to repurchase up to 2 million shares of common stock over a period of two years under a new discretionary share repurchase program (the "October 2025 Discretionary Program"). Both the 2025 Anti-Dilutive Program and the October 2025 Discretionary Program commenced October 9, 2025 and expire October 9, 2027.

The anti-dilutive share repurchase programs are designed to mitigate the dilutive impact of shares issued under our employee stock plans. The discretionary share repurchase programs are designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, acquisition opportunities, and shareholder returns. Shares of common stock are retired upon repurchase.

The following table provides the activity for shares repurchased and retired:


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
(In millions)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
2023 Anti-Dilutive Program (1)	0.1	$	14	0.1	$	7	0.5	$	82	0.6	$	77



October 2024 Discretionary Program (2)	0.4	76		—	—		1.7	268		—	—
October 2023 Discretionary Program (3)	—	—		1.0	134		—	—		1.6	205

Discretionary Programs	0.4	76		1.0	134		1.7	268		1.6	205

Total	0.5	$	90	1.1	$	141	2.2	$	350	2.2	$	282

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(1)Program commenced October 2023 and expired in October 2025.

(2)Program commenced October 2024 and terminated in October 2025.

(3)Completed in September 2024.

Amounts in the table may not be additive due to rounding.