v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity Equity
Declaration and Payment of Dividends
During the six months ended June 30, 2026, the following dividends/distributions were declared or paid:
Equity TypeDeclaration DateRecord DatePayment DateDividends Per Share
Aggregate
Payment
Amount(a)
Common StockFebruary 25, 2026March 13, 2026March 31, 2026$1.0625 $466 
Common StockMay 20, 2026June 15, 2026June 30, 2026$1.0625 $457 
(a)Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.
For the six months ended June 30, 2026, the Company purchased 0.5 million shares of its common stock utilizing $42 million in cash, representing shares withheld to satisfy employee withholding tax obligations upon the vesting of RSUs.
2026 Stock Repurchase Program
Effective May 1, 2026, the Company's board of directors authorized a stock repurchase program ("2026 Stock Repurchase Program") that authorized the Company to repurchase up to $1.0 billion of its outstanding common stock. During the three months ended June 30, 2026, the Company completed the $1.0 billion of share repurchases pursuant to the 2026 Stock Repurchase Program using a portion of the proceeds from the Strategic Fiber Transaction. The shares repurchased were not retired and are recorded in treasury stock on the condensed consolidated balance sheet as of June 30, 2026.
The following is a summary of the Company's share repurchases under the 2026 Stock Repurchase Program:
Six Months Ended June 30,
20262025
Total number of shares purchased (in millions) (a)
11 — 
Average price per share (a)
$88.65 $— 
Total purchase price (in millions) (a)
1,000 — 
(a)Amounts reflected are based on the trade date and may differ from the Condensed Consolidated Statement of Cash Flows which reflects share repurchases based on the settlement date. As of June 30, 2026, $25 million was recorded within "Other accrued liabilities" on the Company's condensed consolidated balance sheet for share repurchases that had not yet settled.
2024 "At-the-Market" Stock Offering Program
In March 2024, the Company established a new "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2024 ATM Program"). Sales under the 2024 ATM Program may be made by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the
2024 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2024 ATM Program.