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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Rollforward of Stockholders' Equity | The following tables provide a rollforward of our stockholders' equity for the three months ended September 30, 2024 and 2023 ($ in millions except per share data; share data in thousands):
| Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Dividends |  | AOCI (Loss) |  | Retained Earnings |  |  |  | Non-controlling Interests |  | Total Common Stockholders' Equity
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |
Balance as of December 31, 2023 | 94,630 |  |  | $ | — |  |  | (151) |  |  | $ | (56) |  |  | $ | 18,596 |  |  | $ | (8,695) |  |  | $ | (1,290) |  |  | $ | 3,934 |  |  |  |  | $ | — |  |  | $ | 12,489 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 231 |  |  |  |  | — |  |  | 231 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (208) |  |  | — |  |  |  |  | — |  |  | (208) |
Issuance of common stock and release of treasury stock for employee equity awards | 407 |  |  | — |  |  | 18 |  |  | 6 |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 48 |
Dividend distribution on common stock, $4.26 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (402) |  |  | — |  |  | — |  |  |  |  | — |  |  | (402) |
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  |  |  | — |  |  | (1) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  |  |  | — |  |  | 1 |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 141 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 141 |
Balance as of March 31, 2024 | 95,037 |  |  | — |  |  | (133) |  |  | (50) |  |  | 18,779 |  |  | (9,097) |  |  | (1,498) |  |  | 4,165 |  |  |  |  | — |  |  | 12,299 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 301 |  |  |  |  | — |  |  | 301 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (43) |  |  | — |  |  |  |  | — |  |  | (43) |
Issuance of common stock and release of treasury stock for employee equity awards | 35 |  |  | — |  |  | 6 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 2 |
Dividend distribution on common stock, $4.26 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (405) |  |  | — |  |  | — |  |  |  |  | — |  |  | (405) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  |  |  | — |  |  | (12) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 136 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 136 |
Balance as of June 30, 2024 | 95,072 |  |  | — |  |  | (127) |  |  | (48) |  |  | 18,915 |  |  | (9,514) |  |  | (1,541) |  |  | 4,466 |  |  |  |  | — |  |  | 12,278 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 297 |  |  |  |  | (1) |  |  | 296 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 258 |  |  | — |  |  |  |  | — |  |  | 258 |
Issuance of common stock and release of treasury stock for employee equity awards | 309 |  |  | — |  |  | 21 |  |  | 8 |  |  | 36 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 44 |
Issuance of common stock under ATM Program | 1,213 |  |  | — |  |  | — |  |  | — |  |  | 976 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 976 |
Dividend distribution on common stock, $4.26 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (405) |  |  | — |  |  | — |  |  |  |  | — |  |  | (405) |
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  |  |  | — |  |  | (1) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  |  |  | — |  |  | (1) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 138 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 138 |
Contribution from non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 4 |
Balance as of September 30, 2024 | 96,594 |  |  | $ | — |  |  | (106) |  |  | $ | (40) |  |  | $ | 20,069 |  |  | $ | (9,921) |  |  | $ | (1,283) |  |  | $ | 4,763 |  |  |  |  | $ | (1) |  |  | $ | 13,587 |
| Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Dividends |  | AOCI (Loss) |  | Retained Earnings |  |  |  |  |  | Total Common Stockholders' Equity
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |  |  |  |
Balance as of December 31, 2022 | 92,814 |  |  | $ | — |  |  | (193) |  |  | $ | (72) |  |  | $ | 17,320 |  |  | $ | (7,318) |  |  | $ | (1,389) |  |  | $ | 2,965 |  |  |  |  |  |  | $ | 11,506 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 259 |  |  |  |  |  |  | 259 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 104 |  |  | — |  |  |  |  |  |  | 104 |
Issuance of common stock and release of treasury stock for employee equity awards | 420 |  |  | — |  |  | 16 |  |  | 6 |  |  | 38 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 44 |
Issuance of common stock under ATM Program | 458 |  |  | — |  |  | — |  |  | — |  |  | 301 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 301 |
Dividend distribution on common stock, $3.41 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (319) |  |  | — |  |  | — |  |  |  |  |  |  | (319) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  |  |  |  |  | (2) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 136 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 136 |
Balance as of March 31, 2023 | 93,692 |  |  | — |  |  | (177) |  |  | (66) |  |  | 17,795 |  |  | (7,639) |  |  | (1,285) |  |  | 3,224 |  |  |  |  |  |  | 12,029 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 207 |  |  |  |  |  |  | 207 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  |  |  |  |  | (3) |
Issuance of common stock and release of treasury stock for employee equity awards | 45 |  |  | — |  |  | 5 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 3 |
Dividend distribution on common stock, $3.41 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (319) |  |  | — |  |  | — |  |  |  |  |  |  | (319) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  |  |  |  |  | (5) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 113 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 113 |
Balance as of June 30, 2023 | 93,737 |  |  | — |  |  | (172) |  |  | (64) |  |  | 17,909 |  |  | (7,963) |  |  | (1,288) |  |  | 3,431 |  |  |  |  |  |  | 12,025 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 276 |  |  |  |  |  |  | 276 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (238) |  |  | — |  |  |  |  |  |  | (238) |
Issuance of common stock and release of treasury stock for employee equity awards | 300 |  |  | — |  |  | 18 |  |  | 7 |  |  | 36 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 43 |
Dividend distribution on common stock, $3.41 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (320) |  |  | — |  |  | — |  |  |  |  |  |  | (320) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  |  |  |  |  | (5) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 106 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 106 |
Balance as of September 30, 2023 | 94,037 |  |  | $ | — |  |  | (154) |  |  | $ | (57) |  |  | $ | 18,051 |  |  | $ | (8,288) |  |  | $ | (1,526) |  |  | $ | 3,707 |  |  |  |  |  |  | $ | 11,887 |
Schedule of Changes in Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss, net of tax, by component are as follows (in millions):
| Balance as of December 31, 2023 |  | Net Change |  |  |  | Balance as of September 30, 2024 |
Foreign currency translation adjustment (“CTA”) loss | $ | (1,588) |  |  | $ | (15) |  |  |  |  | $ | (1,603) |  |
Unrealized gain on cash flow hedges (1) | 15 |  |  | 6 |  |  |  |  | 21 |  |
Net investment hedge CTA gain (1) | 284 |  |  | 16 |  |  |  |  | 300 |  |
Net actuarial loss on defined benefit plans (2) | (1) |  |  | — |  |  |  |  | (1) |  |
Total accumulated other comprehensive loss | $ | (1,290) |  |  | $ | 7 |  |  |  |  | $ | (1,283) |  |
(1)Refer to Note 6 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income. (2)We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.
Schedule of Sale of Stock by Activity Program | Forward sale activity under the 2020 and 2022 ATM Programs is summarized as follows ($ in millions except per share data; shares in thousands):
| Contractual Maturity Dates |  | Execution Date |  | Number of Shares (1) |  | Weighted Average Price per Share (2) |  | Settlement Value (2)
Outstanding, December 31, 2022 | February 2023 to November 2023 |  |  |  | 458 |  |  | $ | 657.75 |  |  | $ | 302 |
Forward Sale Agreements Executed | February 2024 to December 2024 |  | May 2023 to December 2023 |  | 1,208 |  |  | 767.12 |  |  | 926 |
Forward Sale Shares Physically Settled | February 2023 to March 2024 |  | February 2023 to November 2023 |  | (1,023) |  |  | 718.59 |  |  | 735 |
Outstanding, December 31, 2023 | November 2024 |  |  |  | 643 |  |  | $ | 776.23 |  |  | $ | 499 |
Forward Sale Shares Physically Settled | November 2024 to December 2024 |  | September 2024 |  | (643) |  |  | 790.41 |  |  | 509 |
Outstanding, September 30, 2024 | November 2024 |  |  |  | — |  |  | $ | — |  |  | $ | — |
(1)For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement. (2)For agreements settled, the value represents the actual weighted average settlement value, net of commissions and other offering expenses. For agreements executed and outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.
Schedule of Stock-Based Compensation Expense by Operating Expense Category | The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenues | $ | 15 |  |  | $ | 12 |  |  | $ | 43 |  |  | $ | 35 |
Sales and marketing | 25 |  |  | 23 |  |  | 71 |  |  | 66 |
General and administrative | 82 |  |  | 63 |  |  | 234 |  |  | 200 |
Total | $ | 122 |  |  | $ | 98 |  |  | $ | 348 |  |  | $ | 301 |
Schedule of The Maximum Exposure Losses of VIE Joint Ventures | The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of September 30, 2024 (in millions):
|  | VIE Joint Ventures
Equity Investment |  | $ | 387 |
Outstanding Accounts Receivable |  | 78 |
Other Receivables |  | 40 |
Contract Assets |  | 103 |
Loan Commitment (1) |  | 392 |
Future Equity Contribution Commitments (2) |  | 64 |
Maximum Future Payments under Debt Guarantees (3) |  | 263 |
Total |  | $ | 1,327 |
(1)Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed below. (2)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt. (3)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantees relates to our AMER 1 Joint Venture (see Note 10). The following table presents the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the condensed consolidated balance sheets (in millions):
Balance Sheet |  | September 30, 2024 |  | December 31, 2023
Cash and cash equivalents |  | $ | 21 |  |  | $ | 20 |
Property, plant and equipment, net |  | 22 |  |  | 8 |
Other |  | 5 |  |  | 2 |
Total assets |  | $ | 48 |  |  | $ | 30 |
Total liabilities |  | $ | 3 |  |  | $ | 3 |

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