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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022 $ 3,828 $ 0 $ 4 $ 8,457 $ 1,408 $ (5,864) $ (177)
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (202)       (202)    
Issuance of Series A Preferred Stock 635 650   (15)      
Other comprehensive income (loss) 39           39
Shares reissuance for ESPP 8     2   6  
Share repurchases [1] (1,160)     (117)   (1,043)  
Retirement of treasury stock [2]     (1) (5,008)   5,009  
Equity-based awards activity, net [3] 97     97      
Common stock dividends and dividend equivalents declared [4] (352)       (352)    
Series A Preferred Stock dividends [5] (34)       (34)    
Sale of the 44% equity interest in STP 47           47
Ending balance at Dec. 31, 2023 2,906 650 3 3,416 820 (1,892) (91)
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 1,125       1,125    
Other comprehensive income (loss) (26)           (26)
Shares reissuance for ESPP 13     5   8  
Share repurchases [1] (934)     117   (1,051)  
Retirement of treasury stock [2]     (1) (2,637)   2,638  
Equity-based awards activity, net [3] 57     57      
Common stock dividends and dividend equivalents declared [4] (343)       (343)    
Series A Preferred Stock dividends [5] (67)       (67)    
Capped Call Options [6] (253)     (253)      
Ending balance at Dec. 31, 2024 2,478 650 2 705 1,535 (297) (117)
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 864       864    
Other comprehensive income (loss) 36           36
Shares reissuance for ESPP 19     5   14  
Share repurchases [1],[7] (1,313)       (1,313)  
Retirement of treasury stock [2]     (483)   483  
Equity-based awards activity, net [3] 48     48      
Common stock dividends and dividend equivalents declared [4] (350)       (350)    
Series A Preferred Stock dividends [5] (67)       (67)    
Capped Call Options [6] (34)     (34)      
Settlement of Capped Call Options [6] 0     287   (287)  
Conversion of Convertible Senior Notes [8] 0     (313)   313  
Ending balance at Dec. 31, 2025 $ 1,681 $ 650 $ 2 $ 215 $ 1,982 $ (1,087) $ (81)
[1] Includes excise tax accrued of $11 million, $9 million and $10 million for the years ended December 31, 2025, 2024 and 2023, respectively. For further discussion of the share repurchases, see Note 15, Capital Structure
[2] For further discussion of the treasury stock retirements, see Note 15, Capital Structure
[3] Includes $(92) million, $(50) million and $(22) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the years ended December 31, 2025, 2024 and 2023, respectively
[4] Dividends per common share were $1.76, $1.63 and $1.51 fo
[5] Dividends per share of Series A Preferred Stock were $51.25 for each of the periods ended September 15 and March 15, 2025 and 2024 and $52.96 for the
period ended September 15, 2023
[6] For further discussion of the Capped Call Options, see Note 15, Capital Structure
[7] Excludes $16 million of payments for shares received from the exercise of the Capped Call Options. For further discussion, see Note 15, Capital Structure
[8] For further discussion of the Convertible Senior Notes, see Note 12, Long-term Debt and Finance Leases