Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Changes in Stockholders’ Equity

The following tables present certain information regarding our stockholders’ equity for the nine months ended September 30, 2025 and 2024:

	Nine Months Ended September 30, 2025
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
January 1, 2025	$	1	$	1,200	$	1,016	$	(1,216)	$	(365)	$	636
Settlement of liability awards	—		44		—		—		—		44
Vesting of RSUs, net of tax withholdings and other	—		(36)		—		—		—		(36)
Purchase of treasury stock(1)	—		—		—		(167)		—		(167)
Stock-based compensation	—		18		—		—		—		18
Net income	—		—		82		—		—		82
Other comprehensive income	—		—		—		—		43		43
March 1, 2025	$	1	$	1,226	$	1,098	$	(1,383)	$	(322)	$	620
Vesting of RSUs, net of tax withholdings and other	—		2		—		—		—		2
Purchase of treasury stock(1)	—		—		—		(101)		—		(101)
Stock-based compensation	—		14		—		—		—		14
Net income	—		—		95		—		—		95
Other comprehensive income	—		—		—		—		72		72
June 30, 2025	$	1	$	1,242	$	1,193	$	(1,484)	$	(250)	$	702
Vesting of RSUs, net of tax withholdings and other	—		(4)		—		—		—		(4)
Purchase of treasury stock(1)	—		—		—		(112)		—		(112)
Stock-based compensation	—		17		—		—		—		17
Net income	—		—		114		—		—		114
Other comprehensive income	—		—		—		—		6		6
September 30, 2025	$	1	$	1,255	$	1,307	$	(1,596)	$	(244)	$	723
(1) Includes excise taxes of $1 million and $3 million for the three and nine months ended September 30, 2025, respectively.

	Nine Months Ended September 30, 2024
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
January 1, 2024	$	1	$	1,118	$	680	$	(751)	$	(283)	$	765
Settlement of liability awards	—		65		—		—		—		65
Vesting of RSUs, net of tax withholding and other	—		(43)		—		—		—		(43)
Purchase of treasury stock(1)	—		—		—		(25)		—		(25)
Stock-based compensation	—		14		—		—		—		14
Net income	—		—		82		—		—		82
Other comprehensive loss	—		—		—		—		(23)		(23)
March 31, 2024	$	1	$	1,154	$	762	$	(776)	$	(306)	$	835
Vesting of RSUs, net of tax withholdings and other	—		1		—		—		—		1
Purchase of treasury stock(1)	—		—		—		(151)		—		(151)
Stock-based compensation	—		20		—		—		—		20
Net income	—		—		82		—		—		82
Other comprehensive loss	—		—		—		—		(1)		(1)
June 30, 2024	$	1	$	1,175	$	844	$	(927)	$	(307)	$	786
Vesting of RSUs, net of tax withholdings and other	—		(10)		—		—		—		(10)
Purchase of treasury stock(1)	—		—		—		(45)		—		(45)
Stock-based compensation	—		17		—		—		—		17
Net income	—		—		64		—		—		64
Other comprehensive income	—		—		—		—		46		46
September 30, 2024	$	1	$	1,182	$	908	$	(972)	$	(261)	$	858
(1) Includes excise taxes of $1 million for the nine months ended September 30, 2024.

Stock-based Compensation

For the three and nine months ended September 30, 2025, we recognized $28 million and $87 million, respectively, in total stock-based compensation expense under all programs. These amounts included $11 million and $38 million, respectively, of stock-based compensation classified as liability awards. For the three and nine months ended September 30, 2024, we recognized $29 million and $82 million, respectively, in total stock-based compensation expense under all programs. These amounts included $12 million and $31 million, respectively, of stock-based compensation classified as liability awards.

Restricted Stock Units

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the nine months ended September 30, 2025 is presented below:

	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2024	2.0	$	75.49
Granted	1.1	$	104.98
Vested	(1.3)	$	81.01
Cancelled	(0.1)	$	86.15
Unvested RSUs as of September 30, 2025	1.7	$	90.14

The weighted-average grant date fair value of RSUs granted during the nine months ended September 30, 2025 and 2024 was $104.98 and $99.59, respectively. The fair value of each RSU grant is based on the market value of our common stock at the time of grant. As of September 30, 2025, we had $103 million of unrecognized stock-based compensation expense relating to unvested RSUs amortized over a weighted-average period of approximately 1.2 years. The fair value at vesting date of RSUs vested during the nine months ended September 30, 2025 and 2024 was $127 million and $163 million, respectively.

Share Repurchase Program

On June 11, 2024, our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase, from time to time through June 12, 2027, up to an aggregate amount of $1.0 billion of shares of outstanding common stock. On July 31, 2025, our Board of Directors approved an additional aggregate amount of up to $500 million of shares of outstanding common stock as authorized to be repurchased under the share repurchase program, increasing the total aggregate amount to $1.5 billion. During the nine months ended September 30, 2025, we repurchased approximately 4.3 million shares of common stock under the repurchase program at an aggregate cost of $380 million (including excise tax). Subsequent to September 30, 2025 and through October 31, 2025, we purchased an additional 1.3 million shares of common stock at an aggregate value of $101 million.