Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| Equity | Note 6 – Equity
Share Repurchase and Retirement
As of June 30, 2026, our Board of Directors authorized an aggregate of $5.4 billion for our share repurchase program, including its most recent increase in authorization in December 2025. During the years to date ended June 30, 2026 and 2025, the Company repurchased 10.7 million shares of common stock for $515 million, and 7.7 million shares of common stock for $356 million, respectively, under the repurchase program, excluding transaction costs and excise tax. As of June 30, 2026, approximately $641 million remained available for future share repurchases under the authorization.
Of the shares repurchased for the year to date ended June 30, 2026, 10.4 million shares were retired and resumed the status of authorized and unissued shares of common stock, and 0.3 million shares repurchased on the HKEX were retired subsequent to June 30, 2026, and included in Treasury stock in the Condensed Consolidated Financial Statements.
The Inflation Reduction Act of 2022 (“IRA”), which is discussed further in Note 12, imposes an excise tax of 1% on net share repurchases that occur after December 31, 2022. Excise tax on net share repurchases, which was recognized as part of the cost of the shares repurchased, amounted to $5 million and $3 million for the years to date ended June 30, 2026 and 2025, respectively. |