Quarterly report [Sections 13 or 15(d)]

Earnings Per Share (Tables)

v3.26.1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
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,
2026 2025 2026 2025
Net income $ 102  $ 87  $ 163  $ 149 
Basic weighted average shares outstanding 75.0 77.0 75.2 77.5
Stock options and restricted stock units (“RSUs”) (a)
0.2 0.4 0.3 0.5
Diluted weighted average shares outstanding
75.2 77.4 75.5 78.0
Earnings per share:
Basic
 $ 1.37  $ 1.13  $ 2.17  $ 1.92 
Diluted
 1.36  1.13  2.16  1.90 
Dividends:
Cash dividends declared per share
 $ 0.43  $ 0.41  $ 0.86  $ 0.82 
Aggregate dividends paid to stockholders
 $ 32  $ 32  $ 66  $ 65 
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(a)    Diluted shares outstanding exclude shares related to stock options and PSUs which were immaterial for both the three and six months ended June 30, 2026 and 2025. Diluted shares outstanding exclude shares related to RSUs of 0.2 million and 0.4 million for the three and six months ended June 30, 2026, respectively and 0.3 million and 0.2 million for the three and six months ended June 30, 2025, respectively 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 since inception in 2018 (in millions, except per share data) which includes excise taxes and fees:
Shares Cost Average Price Per Share
As of December 31, 2025
 27.9  $ 1,935  $ 69.37 
For the six months ended June 30, 2026
 1.3  105  80.31 
As of June 30, 2026 29.2  $ 2,040  $ 69.86