Since 2023, our Board of Directors authorized the repurchase of up to $3 billion of the Company's outstanding common stock. As of June 30, 2025, there was approximately $540 million of remaining authority to repurchase shares of the Company's outstanding common stock, which reflects the net impact of capped call options not yet settled, as discussed below. No other repurchase plans or programs have been authorized. See Note 19 — Shareholders' Equity of our 2024 Form 10-K for additional information on our share repurchase program.

During the three and six months ended June 30, 2025, there were no open market repurchases. During the six months ended June 30, 2024, we repurchased from the open market 1.2 million shares of our common stock for a total cost, inclusive of taxes and transaction costs, of $150 million. There were no open market repurchases during the three months ended June 30, 2024.

In 2024 and 2025, we entered into ASR agreements with financial institutions to initiate share repurchases of our common stock. Under the ASR agreements, we paid a specified amount to the financial institutions and received an initial delivery of shares of common stock, which resulted in an immediate reduction in the number of our shares outstanding. Based on the terms of the ASR agreements, we received an initial share delivery based on 80% of each ASR agreements' cost. Upon settlement of the ASR agreements, the financial institution delivers additional incremental shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the average of the daily-volume weighted average share price, less a discount.

Under the terms of the ASR agreement entered into in June 2025, which initiated share repurchases of our common stock for $404 million, inclusive of taxes and other transaction costs, we received an initial share delivery of approximately 1.1 million shares of our common stock. The remaining shares will be delivered upon completion of the transaction in the third quarter of 2025.


(in millions, except average price paid per share)
ASR Agreement Initiation	Total Cost		Initial Shares Received	ASR Agreement Settlement	Additional Shares Received	Total Number of Shares Purchased	Average Price Paid per Share
March 2024	$	354	1.7	May 2024	0.2	1.9	$	182.65
May 2024	$	505	1.8	July 2024	0.6	2.4	$	211.40

Capped Call Options. In February 2025, we entered into two structured share repurchase agreements. Under these agreements, we were required to make up-front cash payments totaling $150 million in exchange for the right to receive a predetermined amount of shares of our common stock or cash at expiration, depending upon the closing price of our common stock on the respective settlement dates. If either option is exercised, we would receive shares which would reduce the number of our total shares outstanding. If the options are not exercised, we will receive our initial up-front cash payment plus a nominal cash premium at the expiration of the agreements. The cash received will restore the remaining authority available for repurchases. Any prepayments or cash payments at settlement are recorded in Common Stock on our Consolidated Balance Sheet and as a financing activity within our Consolidated Statement of Cash Flows. During the second quarter of 2025, one agreement expired unexercised, resulting in the return of the $100 million initial up-front cash payment plus a nominal cash premium. The remaining agreement expires in August 2025.


Three Months Ended June 30, 2025	Gains (losses) on Cash Flow Hedges		Pension and OPEB Items(a)		Foreign Currency Items		Total
Beginning balance	$	(4)	$	(2,279)	$	(26)	$	(2,309)
OCI before reclassifications	—		—		20		20
Amounts reclassified from AOCI	1		16		—		17
Net current-period OCI	1		16		20		37
Ending balance	$	(3)	$	(2,263)	$	(6)	$	(2,272)

Three Months Ended June 30, 2024
Beginning balance	$	(10)	$	(2,143)	$	(27)	$	(2,180)
OCI before reclassifications	—		(2)		(1)		(3)
Amounts reclassified from AOCI	2		20		—		22
Net current-period OCI	2		18		(1)		19
Ending balance	$	(8)	$	(2,125)	$	(28)	$	(2,161)


Six Months Ended June 30, 2025
Beginning balance	$	(6)	$	(2,262)	$	(34)	$	(2,302)
OCI before reclassifications	—		(34)		28		(6)
Amounts reclassified from AOCI	3		33		—		36
Net current-period OCI	3		(1)		28		30
Ending balance	$	(3)	$	(2,263)	$	(6)	$	(2,272)

Six Months Ended June 30, 2024
Beginning balance	$	(10)	$	(2,157)	$	(24)	$	(2,191)
OCI before reclassifications	—		(5)		(4)		(9)
Amounts reclassified from AOCI	2		37		—		39
Net current-period OCI	2		32		(4)		30
Ending balance	$	(8)	$	(2,125)	$	(28)	$	(2,161)

(a)AOCI amounts are included in the computation of net periodic pension and OPEB cost. See Note 9 — Retirement Benefits for additional information. See our Consolidated Statements of Operations and Comprehensive Income for individual components of AOCI.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Pension and OPEB plans:

Actuarial loss reclassified to periodic benefit cost	$	(6)	$	(6)	$	(12)	$	(12)
Pension and OPEB plans valuation adjustment	—		—		12		2