v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholder's Equity Shareholders' Equity
Common Shares

The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
Common Shares
(shares in millions)
IssuedHeld in TreasuryOutstanding
Balance, January 1, 2025
105.6 10.1 95.5 
Common shares issued0.1 — 0.1 
Common shares acquired - share repurchase— 2.7 (2.7)
Share-based compensation programs1.7 0.8 0.9 
Balance, December 31, 2025
107.413.693.8
Common shares issued— — — 
Common shares acquired - share repurchase— 2.1 (2.1)
Share-based compensation programs1.0 0.3 0.7 
Balance, March 31, 2026
108.416.092.4

Dividends declared per share of common stock were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Dividends declared per share of common stock$0.47 $0.45 

Share Repurchase Program

From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.

As of March 31, 2026, the aggregate amount remaining under the Company's share repurchase authorization was $413. This share repurchase authorization expires on December 31, 2026 (unless extended), and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board at any time.
The following table presents repurchases of the Company's common stock for the periods indicated:
Three Months Ended March 31,
(shares in millions)
20262025
Shares of common stock2.1— 
Payment$150 $— 

Effective subsequent to March 31, 2026, the Company entered into a repurchase agreement with a third-party financial institution to repurchase $150 of the Company’s common stock. This arrangement is scheduled to terminate no later than the end of the second quarter of 2026.
Preferred Stock

As of March 31, 2026 and December 31, 2025, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding were as follows for the periods indicated:
March 31, 2026December 31, 2025
SeriesIssuedOutstandingIssuedOutstanding
7.758% Non-cumulative Preferred Stock, Series A
325,000 325,000 325,000 325,000 
5.35% Non-cumulative Preferred Stock, Series B
300,000 300,000 300,000 300,000 
Total625,000 625,000 625,000 625,000 

The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated:
Series ASeries B
Three Months Ended March 31,Per ShareAggregatePer ShareAggregate
2026$38.790 $13 $13.375 $4 
202538.790 13 13.375 4 

As of March 31, 2026, there were no preferred stock dividends in arrears.