SHAREHOLDERS' INTEREST

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

NOTE 14: SHAREHOLDERS’ INTEREST

This note provides details about:


	preferred and preference shares,
	common shares,
	share repurchase programs and
	accumulated other comprehensive loss.

PREFERRED AND PREFERENCE SHARES

We had no preferred shares or preference shares outstanding as of December 31, 2025 or December 31, 2024. We have authorization to issue 7 million preferred shares with a par value of $1.00 per share and 40 million preference shares with a par value of $1.00 per share.

COMMON SHARES

The number of common shares we have outstanding changes when:


	new shares are issued,
	stock options are exercised,
	restricted stock units or performance share units vest,
	stock equivalent units are settled in common shares,
	shares are tendered,
	shares are repurchased or
	shares are canceled.

Reconciliation of Our Common Share Activity


SHARES IN THOUSANDS
	2025			2024			2023
Outstanding at beginning of year		725,845			729,753			732,794
Stock options exercised		148			174			233
Issued for vested restricted stock units		575			577			609
Issued for vested performance share units		105			229			172
Repurchased		(6,142	)		(4,888	)		(4,055	)
Outstanding at end of year		720,531			725,845			729,753

SHARE REPURCHASE PROGRAMS

During second quarter 2025, we completed the $1 billion purchase authorization under the share repurchase program approved by the board in
September 2021 (the 2021 Repurchase Program). On May 8, 2025, we announced the board approved a new share repurchase program (the 2025 Repurchase Program) under which we are authorized to repurchase up to $1 billion of outstanding shares. Concurrently, the board terminated the completed purchase authorization under the 2021 Repurchase Program.

We repurchased 6,141,671 common shares for approximately $160 million (including transaction fees) under the share repurchase programs during 2025. As of December 31, 2025, we had remaining authorization of $938 million for future share repurchases.

During 2024, we repurchased 4,887,821 common shares for approximately $153 million (including transaction fees) under the 2021 Repurchase Program.

During 2023, we repurchased 4,054,952 common shares for approximately $125 million (including transaction fees) under the 2021 Repurchase Program.

All common stock repurchases under the share repurchase programs were made in open-market transactions. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability for repurchases that have not yet been settled as of period end. There were no unsettled shares as of December 31, 2025. There were 12,436 unsettled shares (less than $1 million) as of December 31, 2024 and 13,866 unsettled shares (approximately $1 million) as of December 31, 2023.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in amounts included in our accumulated other comprehensive loss by component are:


DOLLAR AMOUNTS IN MILLIONS
	2025			2024			2023
Pension(1)
Balance at beginning of period	$	(583	)	$	(515	)	$	(458	)
Other comprehensive loss before reclassifications		(74	)		(102	)		(89	)
Amounts reclassified from accumulated other comprehensive loss to earnings(2)(3)		155			34			32
Total other comprehensive income (loss)		81			(68	)		(57	)
Balance at end of period		(502	)		(583	)		(515	)
Other post-employment benefits(1)
Balance at beginning of period		23			24			20
Other comprehensive income (loss) before reclassifications		6			(1	)		3
Amounts reclassified from accumulated other comprehensive loss to earnings(2)		(1	)		—			1
Total other comprehensive income (loss)		5			(1	)		4
Balance at end of period		28			23			24
Translation adjustments and other
Balance at beginning of period		158			198			191
Translation adjustments		21			(40	)		7
Unrealized gain on cash flow hedges(1)		2			—			—
Total other comprehensive income (loss)		23			(40	)		7
Balance at end of period		181			158			198
Accumulated other comprehensive loss, end of period	$	(293	)	$	(402	)	$	(293	)

(1)

Amounts are presented net of tax.

(2)

Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost. See Note 8: Pension and Other Post-Employment Benefit Plans.

(3)

Amounts include an after-tax settlement charge of $111 million related to our pension plans for the year ended December 31, 2025. There were no settlement charges related to our pension plans for the years ended December 31, 2024 and December 31, 2023. See Note 8: Pension and Other Post-Employment Benefit Plans for further detail.

- Definition

The entire disclosure for equity.

+ References

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+ Details

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