Quarterly report [Sections 13 or 15(d)]

Earnings Per Share (Tables)

v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted EPS
The following table sets forth the computation of basic and diluted EPS (in millions, except per share data):
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net income $ 87  $ 86  $ 149  $ 102 
Basic weighted average shares outstanding 77.0 80.4 77.5 80.7
Stock options and restricted stock units (“RSUs”) (a)
0.4 0.3 0.5 0.5
Diluted weighted average shares outstanding
77.4 80.7 78.0 81.2
Earnings per share:
Basic
 $ 1.13  $ 1.07  $ 1.92  $ 1.27 
Diluted
 1.13  1.07  1.90  1.26 
Dividends:
Cash dividends declared per share
 $ 0.41  $ 0.38  $ 0.82  $ 0.76 
Aggregate dividends paid to stockholders
 $ 32  $ 31  $ 65  $ 63 
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(a)    Anti-dilutive shares related to stock options were immaterial for both the three and six months ended June 30, 2025 and 2024. Diluted shares outstanding excludes anti-dilutive shares related to RSUs of 0.3 million and 0.2 million for the three and six months ended June 30, 2025, respectively and 0.6 million for both the three and six months ended June 30, 2024.
Schedule of Stock Repurchase Activity
The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data) which includes excise taxes and fees:
Shares Cost Average Price Per Share
As of December 31, 2024
 24.8  $ 1,669  $ 67.32 
For the six months ended June 30, 2025
 1.7  153  88.73 
As of June 30, 2025 26.5  $ 1,822  $ 68.71