12. Stockholders’ Equity

Accumulated Other Comprehensive Loss

AOCL includes all changes in equity during a period that have not yet been recognized in income, except those resulting from transactions with shareholders. The components include unrealized gains and losses on investment securities, unrealized gains and losses from cash flow hedging activities, and foreign currency translation adjustments.

Unrealized gains and losses on investment securities that are available for sale, primarily state and municipal debt securities, are included in AOCL until the investment is either sold or experiences a credit loss. See Note 7 for further discussion.

The effective portion of the change in the fair value of derivatives that qualifies as a cash flow hedge is recorded in AOCL. Generally, amounts are recognized in income when the related forecasted transaction affects earnings. See Note 13 for further discussion.

While the United States dollar is the functional currency for substantially all of the Company’s businesses, the assets and liabilities of foreign subsidiaries whose functional currency is not the United States dollar are translated using the appropriate exchange rate as of the end of the year. Foreign currency translation adjustments represent unrealized gains and losses on assets and liabilities arising from the difference in these foreign currencies compared to the United States dollar. These gains and losses are accumulated in other comprehensive income/(loss). When a foreign subsidiary is substantially liquidated or sold, the cumulative translation gain or loss is removed from AOCL and recognized as a component of the gain or loss on the liquidation or sale.

The following table details reclassifications out of AOCL and into Net income. All amounts reclassified from AOCL affect the line items as indicated below, and the amounts in parentheses indicate decreases to Net income in the Consolidated Statements of Income.


	Amounts Reclassified from AOCL to Net Income
	Income Statement	Year Ended December 31,
Income for the period (in millions)	Location	2025			2024			2023
Accumulated other comprehensive loss components:
Gains/(losses) on investment securities:
Available-for-sale securities	Revenues	$	1.1		$	1.4		$	(6.6	)
Income tax benefit/(expense)	Provision for/(benefit from) income taxes		(0.2	)		(0.3	)		1.0
Total reclassification adjustments related to investment securities, net of tax			0.9			1.1			(5.6	)
Gains/(losses) on cash flow hedges:
Foreign currency contracts	Revenues		(10.1	)		2.4			23.9
Interest rate contracts	Interest expense		0.2			0.2			0.1
Income tax benefit/(expense)	Provision for/(benefit from) income taxes		0.7			—			(0.2	)
Total reclassification adjustments related to cash flow hedges, net of tax			(9.2	)		2.6			23.8
Total reclassifications, net of tax		$	(8.3	)	$	3.7		$	18.2

The following tables summarize the components of AOCL, net of tax in the accompanying Consolidated Balance Sheets (in millions):


	Investment			Hedging			Foreign Currency
	Securities			Activities			Translation			Total
As of December 31, 2024	$	(33.4	)	$	13.1		$	(120.2	)	$	(140.5	)
Unrealized gains/(losses)		42.9			(65.6	)		5.8			(16.9	)
Tax benefit/(expense)		(7.6	)		5.4			—			(2.2	)
Amounts reclassified from AOCL into earnings, net of tax		(0.9	)		9.2			—			8.3
As of December 31, 2025	$	1.0		$	(37.9	)	$	(114.4	)	$	(151.3	)


	Investment			Hedging			Foreign Currency
	Securities			Activities			Translation			Total
As of December 31, 2023	$	(33.0	)	$	(15.3	)	$	(119.0	)	$	(167.3	)
Unrealized gains/(losses)		1.0			32.4			(1.2	)		32.2
Tax expense		(0.3	)		(1.4	)		—			(1.7	)
Amounts reclassified from AOCL into earnings, net of tax		(1.1	)		(2.6	)		—			(3.7	)
As of December 31, 2024	$	(33.4	)	$	13.1		$	(120.2	)	$	(140.5	)


	Investment			Hedging			Foreign Currency
	Securities			Activities			Translation			Total
As of December 31, 2022	$	(69.4	)	$	20.5		$	(119.0	)	$	(167.9	)
Unrealized gains/(losses)		37.3			(12.1	)		—			25.2
Tax benefit/(expense)		(6.5	)		0.1			—			(6.4	)
Amounts reclassified from AOCL into earnings, net of tax		5.6			(23.8	)		—			(18.2	)
As of December 31, 2023	$	(33.0	)	$	(15.3	)	$	(119.0	)	$	(167.3	)

Cash Dividends Paid

Cash dividends paid for the years ended December 31, 2025, 2024, and 2023 were $304.7 million, $318.3 million, and $346.1 million, respectively. The Company’s Board of Directors declared quarterly cash dividends of $0.235 per common share for each quarter during the years ended December 31, 2025, 2024, and 2023.

On February 19, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.235 per common share payable on March 31, 2026 to shareholders of record at the close of business on March 17, 2026.

Share Repurchases

During the years ended December 31, 2025, 2024, and 2023, 23.7 million, 13.9 million, and 24.3 million shares, respectively, were repurchased for $224.7 million, $177.3 million, and $300.0 million, respectively, excluding commissions, at an average cost of $9.49, $12.75, and $12.35, respectively, under the share repurchase authorizations approved by the Company's Board of Directors, including one which expired on December 31, 2024. On December 13, 2024, the Company's Board of Directors authorized $1.0 billion of common stock repurchases with no expiration date. As of December 31, 2025, $775.3 million remained available under this share repurchase authorization. The amounts included in the Common stock repurchased line in the Company’s Consolidated Statements of Cash Flows represent both shares

authorized by the Board of Directors for repurchase under publicly announced authorizations and shares withheld from employees to cover tax withholding obligations on stock awards that have vested.

- Definition

The entire disclosure for equity.

+ References

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+ Details

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