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Equity
3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Equity Equity
Share Repurchase Authorization

In 2015, the Company’s Board of Directors (the “Board”) authorized a share repurchase program to repurchase up to $1.2 billion of the Company’s common stock. The Board authorized incremental share repurchases of up to an aggregate additional $6.3 billion of the Company’s common stock from February 2021 to January 2026. As of March 31, 2026, $0.7 billion remained available under the share repurchase program. The Company may repurchase its common stock from time-to-time in amounts, at prices and in the manner that the Company deems appropriate, subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company’s financial performance and other conditions. Repurchases may be made through open market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended), accelerated share repurchases, private transactions or other transactions and will be funded by cash on hand and borrowings. Repurchases may also be made from time-to-time in connection with the settlement of the Company’s stock-based compensation awards.

The Company’s share repurchase activity is presented in the table below for the periods indicated.
Three Months Ended
 March 31,
 20262025
Number of shares repurchased (1) 3,310,253 300,745 
Cash paid for repurchased shares (in thousands) (2)$534,637 $162,672 
(1)The average purchase price for repurchased shares was $158.49 and $507.65 for the three months ended March 31, 2026 and 2025, respectively. The repurchased shares during the three months ended March 31, 2026 and 2025 included purchases for both open market purchases and stock-based compensation award settlements.
(2)The cash paid for repurchased shares during the three months ended March 31, 2026 excluded excise tax accrued and included $10.0 million of open market purchases with trade dates in December 2025 that settled in January 2026. The cash paid for repurchased shares during the three months ended March 31, 2025 included $10.0 million of open market purchases with trade dates in December 2024 that settled in January 2025.

Accumulated Other Comprehensive Loss, net (“AOCL”)

The tables below provide information about the changes in AOCL by component and the related amounts reclassified out of AOCL to income during the periods indicated (net of tax, in thousands) (1).

Three Months Ended March 31, 2026
 Defined
Benefit
Pension Plans
Foreign
Currency
Translation
Adjustments
Total
Balance – December 31, 2025$(5,944)$(35,071)$(41,015)
Other comprehensive income (loss) activity during the period: 
Change in AOCL before reclassifications to income
(397)(3,853)(4,250)
Reclassifications from AOCL to income (2)210 — 210 
Other comprehensive income (loss), net(187)(3,853)(4,040)
Balance – March 31, 2026$(6,131)$(38,924)$(45,055)
Three Months Ended March 31, 2025
 Interest Rate
Swaps
Defined
Benefit
Pension Plans
Foreign
Currency
Translation
Adjustments
Total
Balance – December 31, 2024$(9,800)$(5,214)$(73,319)$(88,333)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income
— — 17,046 17,046 
Reclassifications from AOCL to income (2), (3)
3,390 48 — 3,438 
Other comprehensive income (loss), net3,390 48 17,046 20,484 
Balance – March 31, 2025$(6,410)$(5,166)$(56,273)$(67,849)
(1)Amounts in parentheses represent debits (deferred losses).
(2)The reclassifications related to defined benefit pension plans were recorded in Other (expense) income, net.
(3)$4.5 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the three months ended March 31, 2025. The swap contract matured in September 2025.