v3.26.1
CAPITAL STOCK
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
CAPITAL STOCK CAPITAL STOCK
Net Income per Common Share
The following table presents a reconciliation of the components of basic and diluted net income per common share in the consolidated financial statements:
For the Quarter Ended June 30,
20262025
Income
SharesPer ShareIncomeSharesPer Share
(In millions, except per share amounts)
Basic:
Income attributable to common stock
$747 353 $2.11 $603 361 $1.67 
Effect of Dilutive Securities:
Stock compensation awards
$— 1 $— $— — $— 
Diluted:
Income attributable to common stock
$747 354 $2.11 $603 361 $1.67 
For the Six Months Ended June 30,
20262025
IncomeSharesPer ShareIncomeSharesPer Share
(In millions, except per share amounts)
Basic:
Income attributable to common stock$1,193 353 $3.37 $950 362 $2.62 
Effect of Dilutive Securities:
Stock options and other$— 1 $— $— — $— 
Diluted:
Income attributable to common stock$1,193 354 $3.37 $950 362 $2.62 
The diluted earnings per share calculation excludes 0.8 million and 3.6 million of options and restricted stock units that were anti-dilutive during the second quarters of 2026 and 2025, respectively, and 0.9 million and 3.6 million during the first six months of 2026 and 2025, respectively.
Stock Repurchase Program
For each of the second quarter and the six months ended June 30, 2026, the Company repurchased 2.8 million shares at an average price of $35.26 per share, and as of June 30, 2026, the Company had remaining authorization to repurchase up to 19.0 million shares. In the second quarter of 2025, the Company repurchased approximately 2.7 million shares at an average price of $18.53 per share. For the six months ended June 30, 2025, the Company repurchased 7.1 million shares at an average price of $21.21 per share.
The Company repurchased 0.3 million shares at an average price of $35.61 per share in July 2026, and as of July 31, 2026, the Company had remaining authorization to repurchase up to 18.7 million shares.
The Company is not obligated to acquire any additional shares. Shares may be purchased either in the open market or through privately negotiated transactions.
Common Stock Dividend
For the quarters ended June 30, 2026 and June 30, 2025, the Company paid $88 million and $90 million, respectively, in dividends on its common stock. For the six months ended June 30, 2026 and June 30, 2025, the Company paid $177 million and $181 million, respectively, in dividends on its common stock.