Annual report [Section 13 and 15(d), not S-K Item 405]

Earnings Per Share (Tables)

v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 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) for the years ended December 31:
2025 2024 2023
Net income $ 193  $ 289  $ 289 
Basic weighted average shares outstanding
 76.8  79.5  84.4 
Stock options and restricted stock units (“RSUs”) (a)
0.4  0.6  0.5 
Diluted weighted average shares outstanding
77.2  80.1  84.9 
Earnings per share:
Basic
 $ 2.51  $ 3.64  $ 3.43 
Diluted
 2.50  3.61  3.41 
Dividends:
Cash dividends declared per share
 $ 1.64  $ 1.52  $ 1.40 
Aggregate dividends paid to stockholders
 $ 127  $ 122  $ 118 
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(a)    Diluted shares outstanding exclude shares related to stock options which were immaterial for 2025, 2024 and 2023. Diluted shares outstanding exclude shares related to PSUs of 0.1 million for 2025. Such PSUs were immaterial during 2024 and 2023. Diluted shares outstanding exclude shares related to RSUs of 0.2 million, 0.3 million and 0.4 million for 2025, 2024 and 2023, respectively. Such options, PSUs and RSUs were excluded as their effect would have been anti-dilutive under the treasury stock method.
Schedule of Stock Repurchase Activity
The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data):
Shares Cost Average Price Per Share
As of December 31, 2024 24.8  $ 1,669  $ 67.32 
For the twelve months ended December 31, 2025
 3.1  266  85.73 
As of December 31, 2025 27.9  $ 1,935  $ 69.37