Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity Note Disclosure

Note 3 – Equity

Stock Repurchase Program

The Company’s stock repurchase program permits the repurchase of up to $500 million in aggregate value of its common stock through December 31, 2027. The Stock Repurchase Program permits the Company to repurchase shares of its common stock from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws and subject to certain provisions of the Credit Agreement and the indentures governing the Senior Notes, as defined in Note 5 – Long-Term Debt. The timing, as well as the number and value of shares repurchased under the Stock Repurchase Program, will be determined by certain authorized officers of the Company at their discretion and will depend on a variety of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements. The value of shares authorized for repurchase by the Board of Directors does not require the Company to repurchase such shares or guarantee that such shares will be repurchased, and the Stock Repurchase Program may be suspended, modified, or discontinued at any time without prior notice. No assurance can be given that any particular number or dollar value of its shares will be repurchased by the Company.

The following table presents activity under the Company’s Stock Repurchase Program:

	For the Years Ended December 31,
	2025		2024		2023
Shares of common stock repurchased (1)	444,705		1,771,191		6,930,835
Weighted-average price per share (2)	$	27.25	$	47.40	$	32.89
Cost of shares of common stock repurchased (in millions) (2) (3)	$	12	$	84	$	228

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(1)    All repurchased shares of the Company’s common stock were retired upon repurchase.

(2)    Amounts exclude excise taxes, commissions, and fees.

(3)    Amounts may not calculate due to rounding.

As of December 31, 2025, $488 million remained available for repurchases of the Company’s outstanding common stock through December 31, 2027, under the Stock Repurchase Program.

Dividends

During 2025, the Company had a fixed dividend of $0.80 per share annually, paid in quarterly increments of $0.20 per share. During the year ended December 31, 2025, net cash dividends declared totaled $92 million. In February of 2026, the Company’s Board of Directors approved a 10 percent increase to the Company’s annual base dividend to $0.88 per share, payable quarterly, effective beginning with the March 2026 dividend.

Common Stock

Refer to Note 17 – Mergers, Acquisitions, and Divestitures for discussion of the impact of the Civitas Merger on the Company’s authorized, issued, and outstanding common stock.