v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity
15. Stockholders’ Equity
Share Repurchase Program
As of June 30, 2025, the Company had repurchased approximately 23% of its outstanding shares of common stock for a total of approximately $2.0 billion, exclusive of transaction costs and excise taxes. The Board of Directors approved an $850 million portion of the share repurchases executed with Rubric in December 2024 outside of the existing authorization in the SRP. The remaining capacity of the SRP as of June 30, 2025 is $995 million. See Note 18 to the Annual Financial Statements for additional information relating to the SRP.
Summary of activity under the SRP:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Number of Shares
Share Price (a)
Total AmountNumber of Shares
Share Price (a)
Total Amount
Share repurchases— $— $— 452,130 $186.24 $85 
Share retirements— — — 452,130 186.24 85 
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(a)Weighted average price per share, including transaction costs and excise taxes.
Acquisition of Noncontrolling Interests
Purchase of Equity in Cumulus Digital. In March 2024, TES acquired all of the equity of Cumulus Digital held by affiliates of Orion Energy Partners and two former members of Talen senior management in exchange for an aggregate of $39 million. Following these transactions, TES owns 100% of the equity of Cumulus Digital.
Accumulated Other Comprehensive Income
Changes in AOCI for the periods were:
Six Months Ended June 30,
20252024
Beginning balance$(12)$(23)
Gains (losses) arising during the period
8 1 
Reclassifications to Consolidated Statements of Operations
(4)(12)
Income tax benefit (expense)(1)5 
Other comprehensive income (loss)3 (6)
Accumulated other comprehensive income (loss)$(9)$(29)

The components of AOCI, net of tax, as of June 30, were:
20252024
Available-for-sale securities unrealized gain (loss), net$1 $(1)
Postretirement benefit prior service credits (costs), net13 — 
Postretirement benefit actuarial gain (loss), net(23)(28)
Accumulated other comprehensive income (loss)$(9)$(29)
Reclassification adjustments from AOCI to the Consolidated Statements of Operations were non-material amounts for the six months ended June 30, 2025 and 2024.
The postretirement obligations components of AOCI are not presented in their entirety on the Consolidated Statements of Operations during the periods; rather, they are included in the computation of net periodic defined benefit costs (credits). See Note 12 for additional information.