Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Cash Dividend Payments

During 2025 and 2024, we did not declare or pay any cash dividends. In December 2023, we paid a special cash dividend of $10.00 per share to all holders of our common stock as of December 15, 2023, totaling $355 million. Our ability to pay dividends to holders of our common stock is limited by our senior credit facility, the indentures governing our senior notes and our vehicle financing programs.

Share Repurchases

Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). During the year ended December 31, 2025, we did not repurchase shares of common stock under the Stock Repurchase Program. During the years ended December 31, 2024 and 2023, we repurchased approximately 4.9 million shares of common stock under the Stock Repurchase Program at a cost of approximately $935 million (excluding excise taxes due under the Inflation Reduction Act of 2022). As of December 31, 2025, approximately $757 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows:

	Currency Translation  Adjustments		Net Unrealized Gains (Losses) on Cash Flow Hedges (a)		Minimum Pension Liability  Adjustment (b)		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2023	$	(30)	$	45	$	(116)	$	(101)
Other comprehensive income (loss) before reclassifications	27		5		(18)		14
Gross (gains) losses reclassified			(18)		5		(13)
Tax on (gains) losses reclassified			5		(1)		4
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(13)		4		(9)
Net current-period other comprehensive income (loss)	27		(8)		(14)		5
Balance as of December 31, 2023	(3)		37		(130)		(96)
Other comprehensive income (loss) before reclassifications	(122)		15		10		(97)
Gross (gains) losses reclassified			(28)		5		(23)
Tax on (gains) losses reclassified			7		(1)		6
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(21)		4		(17)
Net current-period other comprehensive income (loss)	(122)		(6)		14		(114)
Balance as of December 31, 2024	(125)		31		(116)		(210)
Other comprehensive income (loss) before reclassifications	77		(2)		9		84
Gross (gains) losses reclassified			(20)		4		(16)
Tax on (gains) losses reclassified			5		(1)		4
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(15)		3		(12)
Net current-period other comprehensive income (loss)	77		(17)		12		72
Balance as of December 31, 2025	$	(48)	$	14	$	(104)	$	(138)

__________

All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries (see Note 9 – Income Taxes) and include a $24 million gain, net of tax, as of December 31, 2025 related to our hedge of our investment in euro-denominated foreign operations (See Note 20 – Financial Instruments).

(a)Amounts reclassified to interest expense.

(b)Amounts reclassified to selling, general and administrative expenses.

Redeemable Non-controlling Interests

The following table presents changes in our redeemable non-controlling interests:

	2025
Balance as of January 1	$	—
Net income (loss) (a)	(109)
Contributions	183
Balance as of December 31	$	74

________

(a)    Represents the allocation of net income (loss) to the redeemable non-controlling interest holders under the HLBV method. See Note 2 – Summary of Significant Accounting Policies - Variable Interest Entities (“VIE”) and Non-Controlling Interests.