Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

Note 14: Equity

Preferred Stock

We have 8.0 million shares of Preferred Stock authorized, of which 1.75 million shares are authorized as Series A, 1.0 million shares are authorized as Series X junior participating and 5.25 million shares are undesignated. Shares may be issued without a vote or action of shareholders from time to time in classes or series with the designations, powers, preferences and the relative, participating, optional or other special rights of the shares of each such class or series and any qualifications, limitations or restrictions thereon as set forth in the instruments governing such shares. Any such Preferred Stock may rank prior to common stock as to dividend rights, liquidation preference or both, and may have full or limited voting rights and may be convertible into shares of common stock. No shares of Preferred Stock were issued and outstanding during 2025, 2024 and 2023.

Common Stock

The following table describes the number of shares authorized, issued and outstanding of our common stock as of December 31, 2025, 2024 and 2023:

	As of December 31, 2025			As of December 31, 2024			As of December 31, 2023
(In millions)	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding
Common stock	1,000.0	170.5	146.8	1,000.0	169.5	145.8	1,000.0	168.7	144.9

Share Repurchases

In October 2020 our Board of Directors authorized our 2020 Share Repurchase Program, which is a program to repurchase up to $5.0 billion of our common stock. Our 2020 Share Repurchase Program does not have an expiration date. All shares repurchased under our 2020 Share Repurchase Program were retired. There were no

repurchases of our common stock during the years ended December 31, 2025, 2024 and 2023. Approximately $2.1 billion remained available under our 2020 Share Repurchase Program as of December 31, 2025.

Amounts paid to repurchase shares in excess of their par value are allocated between additional paid-in-capital and retained earnings, with payments in excess of our additional paid-in-capital balance recorded as a reduction to retained earnings.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in AOCI, net of tax by component:

	December 31, 2025
(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Unrealized Gains (Losses) on Pension Benefit Obligation, Net of Tax		Currency Translation Adjustments, Net of Tax		Total
Balance, December 31, 2024	$	—	$	51.6	$	(16.6)	$	(171.2)	$	(136.2)
Other comprehensive income (loss) before reclassifications	0.2		(156.4)		7.2		57.3		(91.7)
Amounts reclassified from AOCI	—		45.9		—		—		45.9
Net current period other comprehensive income (loss)	0.2		(110.5)		7.2		57.3		(45.8)
Balance, December 31, 2025	$	0.2	$	(58.9)	$	(9.4)	$	(113.9)	$	(182.0)

	December 31, 2024
(In millions)	Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Unrealized Gains (Losses) on Pension Benefit Obligation, Net of Tax		Currency Translation Adjustments, Net of Tax		Total
Balance, December 31, 2023	$	(25.0)	$	(2.6)	$	(126.1)	$	(153.7)
Other comprehensive income (loss) before reclassifications	80.8		(14.0)		(45.1)		21.7
Amounts reclassified from AOCI	(4.2)		—		—		(4.2)
Net current period other comprehensive income (loss)	76.6		(14.0)		(45.1)		17.5
Balance, December 31, 2024	$	51.6	$	(16.6)	$	(171.2)	$	(136.2)

	December 31, 2023
(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Unrealized Gains (Losses) on Pension Benefit Obligation, Net of Tax		Currency Translation Adjustments, Net of Tax		Total
Balance, December 31, 2022	$	(15.7)	$	15.1	$	(1.1)	$	(163.2)	$	(164.9)
Other comprehensive income (loss) before reclassifications	2.3		(26.8)		(1.5)		37.1		11.1
Amounts reclassified from AOCI	13.4		(13.3)		—		—		0.1
Net current period other comprehensive income (loss)	15.7		(40.1)		(1.5)		37.1		11.2
Balance, December 31, 2023	$	—	$	(25.0)	$	(2.6)	$	(126.1)	$	(153.7)

The following table summarizes the amounts reclassified from AOCI:

(In millions)	Amounts Reclassified from AOCI						Income Statement Location
	For the Years Ended December 31,
	2025		2024		2023
Gains (losses) on securities available for sale	$	—	$	—	$	(17.0)	Other (income) expense, net
	—		—		3.6		Income tax (benefit) expense
Gains (losses) on cash flow hedges	(72.4)		18.1		11.6		Revenue
	21.3		(12.9)		3.7		Operating expense
	(0.3)		(0.4)		(0.3)		Other (income) expense, net
	5.5		(0.6)		(1.7)		Income tax (benefit) expense
Total reclassifications, net of tax	$	(45.9)	$	4.2	$	(0.1)