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Share repurchase program
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Share repurchase program Share repurchase program
On August 4, 2021, the Board authorized the Company to repurchase shares of the Company’s common stock, for aggregate consideration of up to $150 million. This authorization was scheduled to expire on August 31, 2022. On March 1, 2022, the Board authorized an increase in that authorization of $300 million, from an aggregate consideration of up to $150 million to an aggregate consideration of up to $450 million (the “Prior Program”). On March 1, 2022, the Board also authorized a new extension of the term of the Prior Program, from August 31, 2022 to August 31, 2023. On February 21, 2023, the Board terminated the Prior Program and authorized a new program to repurchase shares of the Company’s common stock, for an aggregate consideration of up to $900 million to expire on March 31, 2024. As of June 30, 2023, the estimated remaining balance available for share repurchases under this Program was $479 million.
The Company expects to purchase shares at any time and from time to time, in compliance with applicable federal securities laws, through open-market purchases, block trades, derivatives, trading plans established in accordance with SEC rules, or privately negotiated transactions. The timing of repurchases will depend on factors including market conditions and prices, the Company’s liquidity requirements and alternative uses of capital. The share repurchase program may be suspended from time to time or discontinued, and there is no assurance as to the number of shares that will be repurchased under the program or that there will be any additional repurchases.
As of June 30, 2023, the Company had acquired 456,900 shares under the aforementioned share repurchase programs.
From time to time, the Company acquires shares of its own common stock in the Argentine market and pays for them in Argentine pesos at a price that reflects the additional cost of accessing U.S. dollars through securities denominated in U.S. dollars, because of restrictions imposed by the Argentine government for buying U.S. dollars at the official exchange rate in Argentina (See Note 2 - “Summary of significant accounting policies - Argentine currency status” of these unaudited interim condensed consolidated financial statements). As a result, the Company recognized foreign currency losses of $213 million and $63 million for the six-month periods ended June 30, 2023 and 2022 respectively, while foreign currency losses for the three-month periods ended June 30, 2023 and 2022 amounted to $157 million and $28 million, respectively.