Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Shareholders' Equity

Shareholders' Equity

10. Shareholders’ Equity

Accumulated Other Comprehensive Loss

The following table presents the changes in Accumulated other comprehensive loss, excluding noncontrolling interests:

			Gain		Gain
			(Loss) on Foreign		(Loss) on
	Foreign		Exchange		Interest Rate
	Currency		Contracts		Swaps
	Translation		Designated as		Designated as		Post-retirement
	Adjustment and		Net Investment		Cash Flow		Expense
(thousands)	Other, Net (a)		Hedges, Net (b)		Hedges, Net (b)		Items, Net		Total
Balance as of December 31, 2023	$	(349,042)	$	12,159	$	30,638	$	8,206	$	(298,039)
Other comprehensive income (loss) before reclassifications		(222,489)		12,996		(685)		5,027		(205,151)
Amounts reclassified into income		(317)		(5,137)		(452)		(173)		(6,079)
Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2024		(222,806)		7,859		(1,137)		4,854		(211,230)
Balance as of December 31, 2024		(571,848)		20,018		29,501		13,060		(509,269)
Other comprehensive income (loss) before reclassifications		394,450		(9,123)		—		(2,723)		382,604
Amounts reclassified into income		3,822		(2,605)		(1,706)		514		25
Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2025		398,272		(11,728)		(1,706)		(2,209)		382,629
Balance as of December 31, 2025	$	(173,576)	$	8,290	$	27,795	$	10,851	$	(126,640)

(a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $4.4 million and $(52.9) million for 2025 and 2024, respectively.

(b) For additional information related to net investment hedges and interest rate swaps, refer to Note 7 - “Financial Instruments Measured at Fair Value”.

Common Stock Outstanding Activity

The following table sets forth the activity in the number of shares outstanding:

			Common
	Common	Treasury	Stock
(thousands)	Stock Issued	Stock	Outstanding
Common stock outstanding at December 31, 2022	125,424	66,175	59,249
Shares issued for stock-based compensation awards	—	(653)	653
Repurchases of common stock	—	6,091	(6,091)
Retirement of treasury stock	(67,733)	(67,733)	—
Common stock outstanding at December 31, 2023	57,691	3,880	53,811
Shares issued for stock-based compensation awards	375	(75)	450
Repurchases of common stock	—	2,089	(2,089)
Retirement of treasury stock	(2,474)	(2,474)	—
Common stock outstanding at December 31, 2024	55,592	3,420	52,172
Shares issued for stock-based compensation awards	246	(54)	300
Repurchases of common stock	—	1,402	(1,402)
Common stock outstanding at December 31, 2025	55,838	4,768	51,070

The company retired 2.5 million shares of treasury stock with a cost of $228.8 million in 2024 and 67.7 million shares of treasury stock with a cost of $5.1 billion in 2023. The company has 2.0 million authorized shares of serial preferred stock with a par value of one dollar. There were no shares of serial preferred stock outstanding at December 31, 2025 and 2024.

Share Repurchase Programs

The following table shows the company’s share repurchase programs as of December 31, 2025:

					Approximate
					Dollar Value of
	Dollar Value		Dollar Value of		Shares that May
	Approved for		Shares		Yet be Purchased
Share Repurchase Details by Month of Board Approval (thousands)	Repurchase		Repurchased		Under the Program
January 2023	$	1,000,000	$	827,130	$	172,870

The company repurchased 1.3 million shares and 2.0 million shares of common stock for $149.9 million and $250.0 million, in 2025 and 2024, respectively, under the share repurchase program excluding excise taxes. During 2025, the company accrued $1.3 million of excise tax, which is recorded within “Treasury stock” on the company’s consolidated balance sheets and reduces the share repurchase authorization, as the excise tax is a part of the overall cost of acquiring treasury shares. The company’s share repurchase program does not have an expiration date.