v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders' Equity
15. Stockholders’ Equity
Share Repurchase Program
Summary of activity under the SRP:
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Number of Shares
Share Price (a)
Total Repurchase Cost (b)
Number of Shares
Share Price (a)
Total Repurchase Cost (b)
Share repurchases1,450,000 $345.77 $501 452,130 $186.24 $85 
Share retirements(1,450,000)345.77 (501)(452,130)186.24 (85)
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(a)Weighted average price per share, including transaction costs and excise taxes, if applicable.
(b)Dollars in millions.
In September 2026, the Board of Directors approved the upsizing of its existing SRP to increase remaining capacity to $3.0 billion. As of September 30, 2026, the remaining capacity under the SRP was $3.0 billion and all repurchased shares have been retired. See Note 1 to the Annual Financial Statements for the accounting policy related to treasury stock and retirement of treasury stock.
Accelerated Share Repurchases
On October 1, 2026, the Company received and retired 3,811,460 shares of TEC common stock repurchased under the ASR program, which is equivalent to 80% of the aggregate $1.5 billion value of the ASR program, based on a share price of $314.84.
The final number of shares repurchased will be based on the arithmetic average of the daily volume-weighted average prices of TEC’s common stock during the term of the ASR program less an agreed discount and subject to customary adjustments related to the terms and conditions of the ASR program. The final settlement of the ASR program is expected to be completed no later than the first quarter of 2027.
Accumulated Other Comprehensive Income
Changes in AOCI for the periods were:
Nine Months Ended September 30,
20262025
Beginning balance$(4)$(12)
Gains (losses) arising during the period
(52)14 
Reclassifications to Consolidated Statements of Operations
3 (7)
Income tax benefit (expense)18 (3)
Other comprehensive income (loss)(31)4 
Accumulated other comprehensive income (loss)$(35)$(8)

The components of AOCI, net of tax, as of September 30, were:
20262025
Available-for-sale securities unrealized gain (loss), net$(26)$3 
Postretirement benefit prior service credits (costs), net9 12 
Postretirement benefit actuarial gain (loss), net(18)(23)
Accumulated other comprehensive income (loss)$(35)$(8)
Reclassification adjustments from AOCI to the Consolidated Statements of Operations were non-material amounts for the nine months ended September 30, 2026 and 2025.
The postretirement obligations components of AOCI are not presented in their entirety on the Consolidated Statements of Operations during the periods; rather, they are included in the computation of net periodic defined benefit costs (credits). See Note 12 for additional information.