v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity
15. Stockholders’ Equity
Share Repurchase Program
In September 2025, the Board of Directors approved an increase in the existing capacity of the Company’s SRP from $995 million to $2 billion and extended the expiration date from December 31, 2026 to December 31, 2028. These changes to the SRP became effective in November 2025 upon the completion of the Freedom and Guernsey Acquisitions. The remaining capacity under the SRP as of March 31, 2026 was $1.9 billion.
As of March 31, 2026, the Company has repurchased approximately 24% of TEC’s outstanding shares of common stock since their issuance in May 2023 for an aggregate $2.1 billion, exclusive of transaction costs and excise taxes.
Summary of activity under the SRP:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Number of Shares
Share Price (a)
Total AmountNumber of Shares
Share Price (a)
Total Amount
Share repurchases300,000 $336.42 $101 452,130 $186.24 $85 
Share retirements(300,000)336.42 (101)(452,130)186.24 (85)
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(a)Weighted average price per share, including transaction costs and excise taxes.
As of March 31, 2026, all repurchased shares have been retired. See Note 1 to the Annual Financial Statements for the accounting policy related to treasury stock and retirement of treasury stock.
Accumulated Other Comprehensive Income
Changes in AOCI for the periods were:
Three Months Ended March 31,
20262025
Beginning balance$(4)$(12)
Gains (losses) arising during the period
(9)6 
Reclassifications to Consolidated Statements of Operations
(2)(2)
Income tax benefit (expense)4 (2)
Other comprehensive income (loss)(7)2 
Accumulated other comprehensive income (loss)$(11)$(10)

The components of AOCI, net of tax, as of March 31, were:
Three Months Ended March 31,
20262025
Available-for-sale securities unrealized gain (loss), net$(4)$— 
Postretirement benefit prior service credits (costs), net11 13 
Postretirement benefit actuarial gain (loss), net(18)(23)
Accumulated other comprehensive income (loss)$(11)$(10)
Reclassification adjustments from AOCI to the Consolidated Statements of Operations were non-material amounts for the three months ended March 31, 2026 and 2025.
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.