v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following table summarizes our common share repurchases and issuances.

 
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,

(Shares and per share amounts in actuals)		2026202520262025
Common stock repurchased under repurchase programs(1)(2)
880,970 2,366,356 12,911,950 3,403,747 
Average purchase price per share(3)
$28.02 $29.46 $21.95 $29.52 
Shares repurchased related to employee stock-based compensation plans(4)
6,094 19,870 840,939 850,738 
Average purchase price per share$21.68 $29.42 $21.71 $31.21 
Common shares issued(5)
251,232 128,761 2,431,529 2,353,571 
 
(1) Common shares purchased under our share repurchase programs. There was $242 million of capacity remaining under the 2026 Share Repurchase Program at June 30, 2026.
(2) For the three months ended June 30, 2026, the amount is related to the final settlement of the ASR, defined below. For the six months ended June 30, 2026, the amount includes 9.3 million shares related to the ASR, defined below.
(3) Average purchase price per share includes purchase commission costs and excise taxes. The average purchase price of the 9.3 million shares repurchased under the ASR, defined below, was $21.59 per share, excluding excise taxes.
(4) Comprised of shares withheld from stock option exercises and the vesting of restricted stock, restricted stock units, performance stock units, and dividend equivalent units for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.
(5)  Common shares issued under our various compensation and benefit plans.
 
The closing price of our common stock on the NASDAQ Global Select Market on June 30, 2026 was $25.94.

Common Stock Dividend
In both June 2026 and June 2025, we paid a common stock dividend of $0.13 per common share.

Share Repurchases
In January 2024, we announced a share repurchase program of up to $650 million of common stock (the “2024 Share Repurchase Program”), which expired on February 6, 2026. Under the 2024 Share Repurchase Program, we repurchased 1.0 million shares of common stock for $33 million during the three months ended March 31, 2026, prior to the February 6, 2026 expiration. Under the 2024 Share Repurchase Program, we repurchased 2.4 million shares of common stock for $70 million during the three months ended June 30, 2025, and 3.4 million shares of common stock for $100 million during the six months ended June 30, 2025.
On January 22, 2026, we announced a new share repurchase program (the “2026 Share Repurchase Program”), which became effective on January 22, 2026 and will expire, if not earlier exhausted, on February 4, 2028. The 2026 Share Repurchase Program permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $500 million. Under the 2026 Share Repurchase Program, we repurchased 0.9 million shares of common stock for $25 million in the three months ended June 30, 2026, and 11.7 million shares of common stock for $251 million in the six months ended June 30, 2026. We had $242 million of capacity remaining under the 2026 Share Repurchase Program at June 30, 2026.
On March 9, 2026, we entered into an accelerated share repurchase agreement (“ASR”) with a third-party financial institution under which we purchased $200 million of our outstanding common stock. On March 11, 2026, the third-party financial institution initially delivered to us approximately 8.4 million shares. The final total actual number of shares of common stock delivered to us was based generally upon a discount to the Rule 10b-18 volume-weighted average price at which the shares of our common stock traded during the regular trading sessions on the NASDAQ Global Select Market during the term of the ASR. The transactions were accounted for as equity transactions and were included in treasury stock, at which time there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. On June 30, 2026, we completed the ASR and upon final settlement on July 1, 2026, we received an additional 0.9 million shares of common stock. In total, we repurchased 9.3 million shares of common stock under the ASR at an average price of $21.59 per share.
Under the 2026 Share Repurchase Program, repurchases may continue to occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated or block purchases, accelerated share repurchase programs, tender offers, or other similar transactions. The timing and volume of any repurchases are subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2026 Share Repurchase Program.
Share Repurchases under Rule 10b5-1 Trading Plans
During the three months ended June 30, 2026 we did not repurchase shares of our common stock under Rule 10b5-1 trading plans as all repurchases occurred under the ASR. During the three months ended June 30, 2025, we repurchased 2.4 million shares of our common stock at a total cost of $70 million, and during the six months ended June 30, 2026 and 2025, we repurchased 3.6 million and 3.4 million shares, respectively, of our common stock at a total cost of $91 million and $100 million, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.