Share Repurchase Program

3 Months Ended

Mar. 31, 2026

Note 16. Share Repurchase Program

On July 26, 2024, our Board of Directors approved a new share repurchase authorization of up to $650 million of our common stock over the three-year period from September 4, 2024 through September 4, 2027. Purchases under this repurchase program may be made from time to time by the company in the open market at prevailing market prices (including through Rule 10b5-1 Plans), in privately negotiated transactions, or through any combination of these methods, through September 4, 2027. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of the company’s stock, general market and economic conditions, the company’s liquidity requirements, applicable legal requirements and other business considerations. The repurchase program does not obligate us to acquire any number of shares in any specific period or at all and may be suspended or discontinued at any time at our discretion. As of March 31, 2026, we had $269 million remaining available for future repurchases under this program.

A summary of repurchases of outstanding shares is as follows:


	Three Months Ended
	March 31,
(In millions, except per share data)	2026		2025
Number of shares purchased		958,915		1,440,083
Average price paid per share(1)	$	62.57	$	48.58
Cost of shares purchased(1)	$	60	$	70

(1)

The average price paid per share and the cost of shares purchased are calculated on a trade date basis and exclude associated commissions and taxes of $1 million for each of the three months ended March 31, 2026 and 2025.