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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Shareholders' Equity Common Stock The Company's Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company's Common Stock, par value $0.0001 per share ("Common Stock"), unless the Company's Board of Directors, in its sole discretion, determines otherwise. The amount available to the Company to pay cash dividends is not currently restricted by its existing Global Credit Agreements and its indentures governing its senior unsecured notes. Any decision to declare and pay dividends in the future will be made at the discretion of the Company's Board of Directors, which may determine to cease to follow or to modify the Company's past practice, and will depend on, among other things, the results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Company's Board of Directors may deem relevant. In November 2024, the Company announced its intent to reduce its quarterly dividend by approximately 95% beginning in the first quarter of 2025. The Company declared a quarterly cash dividend of $0.03 per share on its Common Stock on April 16, 2025, amounting to $3 million. The cash dividend will be paid on May 12, 2025 to holders of record as of April 28, 2025. Treasury Stock The Company's Board of Directors authorizes repurchases of Common Stock from time to time. These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date.
|  |  | Total From February 2008 Through March 31, 2025
Shares repurchased |  |  |  |  | 69,324,429 |
Average purchase price per share |  |  |  |  | $ | 83.71 |
Amount spent on repurchased shares (in $ millions) |  |  |  |  | 5,803 |
Aggregate Board of Directors repurchase authorizations during the period (in $ millions) |  |  |  |  | 6,866 |
The purchase of treasury stock reduces the number of shares outstanding. The repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of shareholders' equity. The Company did not repurchase any Common Stock during the three months ended March 31, 2025 or 2024. Other Comprehensive Income (Loss), Net
| Three Months Ended March 31,
| 2025 |  | 2024
| Gross Amount |  | Income Tax (Provision) Benefit |  | Net Amount |  | Gross Amount |  | Income Tax (Provision) Benefit |  | Net Amount
| (In $ millions)
Foreign currency translation gain (loss) | (40) |  |  | 35 |  |  | (5) |  |  | (27) |  |  | (27) |  |  | (54) |
Gain (loss) on derivative hedges | 36 |  |  | (1) |  |  | 35 |  |  | 2 |  |  | — |  |  | 2 |
Pension and postretirement benefits gain (loss) | 1 |  |  | — |  |  | 1 |  |  | (1) |  |  | — |  |  | (1) |
Total | (3) |  |  | 34 |  |  | 31 |  |  | (26) |  |  | (27) |  |  | (53) |
Adjustments to Accumulated other comprehensive income (loss), net, are as follows:
|  |  | Foreign Currency Translation Gain (Loss) |  | Gain (Loss) on Derivative Hedges (Note 11) |  | Pension and Postretirement Benefits Gain (Loss) (Note 7) |  | Accumulated Other Comprehensive Income (Loss), Net
|  |  | (In $ millions)
As of December 31, 2024 |  |  | (800) |  |  | (28) |  |  | (20) |  |  | (848) |
Other comprehensive income (loss) before reclassifications |  |  | (40) |  |  | (18) |  |  | 1 |  |  | (57) |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | — |  |  | 54 |  |  | — |  |  | 54 |
Income tax (provision) benefit |  |  | 35 |  |  | (1) |  |  | — |  |  | 34 |
As of March 31, 2025 |  |  | (805) |  |  | 7 |  |  | (19) |  |  | (817) |

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