During 2026, our Board of Directors approved a $4.4 billion increase relative to the remaining authorized amount to repurchase our outstanding common stock. No other repurchase plans or programs have been authorized. As of the date of this filing, we have approximately $4.7 billion of remaining authority for repurchases, which includes the impact of the open market repurchases, as discussed below. See Note 19 — Shareholders' Equity of our 2025 Form 10-K for additional information on our share repurchase program.

During the three months ended March 31, 2026 and 2025, no open market repurchases occurred. During April and May 2026, prior to this filing, we repurchased from the open market approximately 1.2 million shares of our common stock for a total cost, inclusive of taxes and transaction costs, of $338 million.

Capped Call Options. During the first quarter of 2025, we entered into two structured share repurchase agreements. Under these agreements, we made up-front cash payments of $150 million in the first quarter of 2025 in exchange for the right to receive a predetermined amount of shares of our common stock or cash at expiration. Neither option was exercised during the second and third quarter of 2025, therefore we did not receive any shares at expiration. As a result, we received our initial up-front cash payments of $150 million plus a nominal cash premium during the second and third quarters of 2025. The cash received restored the remaining authority available for repurchases.


Three Months Ended March 31, 2026	Gains (losses) on Cash Flow Hedges		Pension and OPEB Items(a)		Foreign Currency Items		Total
Beginning balance	$	1	$	(2,413)	$	(13)	$	(2,425)
OCI before reclassifications	—		(25)		(3)		(28)
Amounts reclassified from AOCI	1		27		—		28
Net current-period OCI	1		2		(3)		—
Ending balance	$	2	$	(2,411)	$	(16)	$	(2,425)

Three Months Ended March 31, 2025
Beginning balance	$	(6)	$	(2,262)	$	(34)	$	(2,302)
OCI before reclassifications	—		(34)		8		(26)
Amounts reclassified from AOCI	2		17		—		19
Net current-period OCI	2		(17)		8		(7)
Ending balance	$	(4)	$	(2,279)	$	(26)	$	(2,309)

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(a)AOCI amounts are included in the computation of net periodic pension and OPEB cost. See Note 11 — Retirement Benefits for additional information. See our Consolidated Statements of Operations and Comprehensive Income for individual components of AOCI.


	Three Months Ended March 31,
		2026		2025
Pension and OPEB plans:

Actuarial loss reclassified to periodic benefit cost		$	(9)	$	(6)
Pension and OPEB plans valuation adjustment		8		12