XML 62 R23.htm IDEA: XBRL DOCUMENT v3.25.4
Stockholders' Equity and Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity and Earnings Per Share [Abstract]  
Stockholders' Equity and Earnings Per Share Stockholders’ Equity and Earnings Per Share
The following table presents the basic and diluted EPS calculations for the years ended December 31, 2025, 2024 and 2023. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in this Form 10-K.
Year Ended December 31,
($ and shares in thousands, except per share data)202520242023
Basic:
Net income$1,325,188 $1,165,586 $1,161,161 
Basic weighted-average number of shares outstanding
138,342 
(1)
138,898 141,164 
Basic EPS$9.58 $8.39 $8.23 
Diluted:
Net income$1,325,188 $1,165,586 $1,161,161 
Less: Fair value changes of liability-classified equity contracts, net of tax (2)
(996)— — 
Net income, diluted
$1,324,192 $1,165,586 $1,161,161 
Basic weighted-average number of shares outstanding
138,342 
(1)
138,898 141,164 
Add: Dilutive impact of unvested RSUs and liability-classified equity contracts that are share-settled788 1,060 738 
Diluted weighted-average number of shares outstanding139,130 139,958 141,902 
Diluted EPS$9.52 $8.33 $8.18 
(1)Includes retirement-eligible employees’ awards.
(2)Applied blended statutory tax rate of 28.02% for the year ended December 31, 2025.

Approximately nine thousand, six thousand and 283 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computation for the years ended December 31, 2025, 2024 and 2023, respectively.

Stock Repurchase Program — On January 22, 2025, the Company’s Board of Directors authorized the repurchase of up to $300 million of its common stock. The Company repurchased $115 million and $144 million of its common stock in the years ended December 31, 2025 and 2024, respectively. All repurchases were made on the open market at currently prevailing prices.