SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

NOTE 18. SHAREHOLDERS’ EQUITY

On December 11, 2024, our Board of Directors approved a share repurchase program with a $1.3 billion authorization (2024 Repurchase Authorization). The Board of Directors previously authorized share repurchases with a $2.0 billion authorization on July 28, 2022 (2022 Repurchase Authorization).

The 2024 Repurchase Authorization and 2022 Repurchase Authorization will terminate upon the purchase of $1.3 billion and $2.0 billion of common stock, respectively.

For the years ended December 31, 2025, 2024 and 2023, 2.2 million, 5.9 million and 13.3 million shares, respectively, of common stock were repurchased and retired at a total value of $50.5 million, $300.3 million and $711.3 million, respectively. As of December 31, 2025, a cumulative total of 27.4 million shares have been repurchased and retired at a total value of $1,351.1 million under the 2022 Repurchase Authorization program, and $648.9 million of common stock remained authorized to be repurchased under the 2022 Repurchase Authorization program. As of December 31, 2024, there have been no repurchases under the 2024 Repurchase Authorization program and $1.3 billion remained available.

We issued 0.1 million, 0.9 million and 1.0 million shares representing stock options exercised for the years ended December 31, 2025, 2024 and 2023, respectively, with a total value of $2.3 million, $23.9 million and $25.4 million, respectively.

We have registered an undetermined number of securities with the SEC, so that, from time-to-time, we may issue debt securities, preferred stock and/or common stock and associated warrants in the public market under that registration statement.

The following table represents the activity included in accumulated other comprehensive loss:


	Foreign Currency Translation		Cash Flow Hedges		Pension and Postretirement Benefits		Total
Accumulated Other Comprehensive Loss	($ in millions)
Balance at January 1, 2023	$	(38.6)	$	(32.5)	$	(424.8)	$	(495.9)
Unrealized losses	(1.1)		(53.6)		(18.1)		(72.8)
Reclassification adjustments of losses into income	—		72.5		0.2		72.7
Tax (provision) benefit	—		(4.8)		4.5		(0.3)
Net change	(1.1)		14.1		(13.4)		(0.4)
Balance at December 31, 2023	(39.7)		(18.4)		(438.2)		(496.3)
Unrealized (losses) gains	(6.2)		4.3		29.7		27.8
Reclassification adjustments of losses into income	—		30.6		6.2		36.8
Tax provision	—		(8.7)		(9.7)		(18.4)
Net change	(6.2)		26.2		26.2		46.2
Balance at December 31, 2024	(45.9)		7.8		(412.0)		(450.1)
Unrealized (losses) gains	(6.3)		14.2		52.1		60.0
Reclassification adjustments of (gains) losses into income	—		(16.6)		5.6		(11.0)
Tax benefit (provision)	—		0.5		(13.9)		(13.4)
Net change	(6.3)		(1.9)		43.8		35.6
Balance at December 31, 2025	$	(52.2)	$	5.9	$	(368.2)	$	(414.5)

Cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss.

Non-operating pension income included the amortization of prior service costs and actuarial gains (losses) from accumulated other comprehensive loss.

- Definition

The entire disclosure for equity.

+ References

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