Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

Activity in our various shareholders' equity accounts for the years ended December 31, 2025, 2024 and 2023 were as follows (in millions):


	Shares Issued	Par Value		Additional Paid-in Capital		Warrants		Retained Earnings		AOCI		Treasury Shares		Non-controlling Interest










BALANCE, December 31, 2022	75.2	$	0.8	$	1,097.9	$	16.4	$	160.1	$	14.7	$	—	$	8.0
Net income	—	—		—		—		865.4		—		—		1.4
Share-based compensation cost	—	—		27.3				—		—		—		—
Shares issued under share-based compensation plans, net	0.2	—		—		—		—		—		—		—
Repurchase of Common Shares	—	—		—		—		—		—		(200.1)		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		10.8		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(5.4)		—		—		—		—		—
Foreign currency translation adjustments	—	—		—		—		—		(0.3)		—		—
BALANCE, December 31, 2023	75.4	$	0.8	$	1,119.8	$	16.4	$	1,025.5	$	25.2	$	(200.1)	$	9.4
Net income (loss)	—	—		—		—		373.4		—		—		(3.6)
Share-based compensation cost	—	—		27.7		—		—		—		—		—
Shares issued under share-based compensation plans, net	0.8	—		—		—		—		—		—		—
Repurchase of Common Shares	—	—		—		—		—		—		(125.0)		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		10.9		—		—

Shares withheld for taxes on vesting of share-based awards	—	—		(29.9)		—		—		—		—		—
Purchase of noncontrolling ownership interest in a non-U.S. subsidiary (1)	—	—		4.1		—		—		—		—		(8.4)
Sale of noncontrolling ownership interest in a non-U.S. subsidiary (1)	—	—		(8.4)		—		—		—		—		8.4
Foreign currency translation adjustments	—	—		—		—		—		(1.9)		—		—
BALANCE, December 31, 2024	76.2	$	0.8	$	1,113.3	$	16.4	$	1,398.9	$	34.2	$	(325.1)	$	5.8
Net income (loss)	—	—		—		—		982.8		—		—		(3.7)
Share-based compensation cost	—	—		25.2		—		—		—		—		—
Shares issued under share-based compensation plans, net	0.2	—		—		—		—		—		—		—
Repurchase of Common Shares	—	—		—		—		—		—		(100.0)		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		24.5		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(3.6)		—		—		—		—		—
Foreign currency translation adjustments	—	—		—		—		—		2.2		—		—

BALANCE, December 31, 2025	76.4	0.8		1,134.9		16.4		2,381.7		60.9		(425.1)		2.1

(1)In 2024, the Company purchased the 51% noncontrolling interest related to a certain non-U.S. subsidiary and concurrently transferred the 51% noncontrolling interest to new partners. The net transactions did not result in a change to our ownership or controlling interest in the non-U.S. subsidiary.

Share Repurchase Program

Our board of directors has authorized a share repurchase program (the "Share Repurchase Program") under which we may purchase up to $600.0 million of our outstanding Common Shares. The Share Repurchase Program does not have a fixed expiration, may be modified, suspended or discontinued at any time and any repurchases made pursuant to the Share Repurchase Program are subject to compliance with applicable covenants and restrictions under our financing agreements.

The following table summarizes shares repurchases, aggregate cost and the average per share price (in millions, except average per share price):


	Years Ended December 31,
	2025		2024		2023
Shares repurchased	2.0		2.2		3.0
Aggregate cost	$	100.0	$	125.0	$	200.0
Average price per share	$	49.78	$	56.11	$	66.77

As of December 31, 2025, we had approximately $175.0 million available for share repurchases pursuant to the Share Repurchase Program, subject to certain restrictions provided within the Business Combination Agreement (as defined within "Note 15 - Subsequent Events").