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EQUITY | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
EQUITY | EQUITY COMMON STOCK We are authorized to issue 2 billion shares of Class A common stock, 1.25 billion shares of Class B common stock and 50 million shares of preferred stock each of which have a par value of $0.0001 per share. As of March 31, 2024 and December 31, 2023, there were no shares of Class B common stock issued and outstanding. We have not issued any preferred stock. We have a share repurchase program which we expect to fund from cash generated from operations, and we expect to make share repurchases from time to time subject to the Company's capital plan, market conditions, and other factors, including regulatory restrictions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the three months ended March 31, 2024, the Company repurchased and canceled 5.4 million shares of Class A common stock for $158 million, representing an average price per share of $29.32. There were no shares of Class common stock repurchased during the three months ended March 31, 2023. As of March 31, 2024, the Company had authorization remaining to repurchase up to approximately $2.1 billion of its Class A common stock. The following table presents the changes in the number of shares outstanding (in thousands):
| Class A Common Stock |
| 2024 | 2023 |  |
Balance at January 1 | 997,709 |  | 1,005,960 |  |  |
Issue of shares upon vesting of restricted stock units (1) | 4,745 |  | 5,342 |  |  |
Issue of shares on exercise of stock options (1) | — |  | 88 |  |  |
Issue of shares for employee stock purchase plan | 458 |  | 491 |  |  |
Repurchase and cancellation of Class A common stock | (5,399) |  | — |  |  |
Balance at March 31 | 997,513 |  | 1,011,881 |  |  |
(1)Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation. ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) The following tables present the changes in accumulated other comprehensive loss, net of tax:
|  | Foreign Currency Translation Adjustments | Cash Flow Hedges | Benefit Plans | Accumulated Other Comprehensive Loss
Balance at December 31, 2023 |  | $ | (2,513) |  | $ | (6) |  | $ | (277) |  | $ | (2,796) |
Other comprehensive income (loss) before reclassifications |  | (63) |  | 2 |  | (1) |  | (62) |
Amounts reclassified from accumulated other comprehensive loss |  | — |  | 1 |  | 3 |  | 4 |
Deferred taxes |  | — |  | (1) |  | — |  | (1) |
Other comprehensive income (loss) |  | (63) |  | 2 |  | 2 |  | (59) |
Balance at March 31, 2024 |  | $ | (2,576) |  | $ | (4) |  | $ | (275) |  | $ | (2,855) |
|  | Foreign Currency Translation Adjustments | Cash Flow Hedges | Benefit Plans | Accumulated Other Comprehensive Loss
Balance at December 31, 2022 |  | $ | (2,666) |  | $ | (9) |  | $ | (296) |  | $ | (2,971) |
Other comprehensive loss before reclassifications |  | (61) |  | (1) |  | 3 |  | (59) |
Amounts reclassified from accumulated other comprehensive loss |  | — |  | 1 |  | 4 |  | 5 |
Other comprehensive income (loss) |  | (61) |  | (1) |  | 7 |  | (55) |
Balance at March 31, 2023 |  | $ | (2,727) |  | $ | (10) |  | $ | (289) |  | $ | (3,026) |
The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2024 and 2023 represent (i) gains (losses) reclassified on cash flow hedges when the hedged transaction occurs, (ii) the amortization of net actuarial gain (loss), prior service credit, settlements, and curtailments which are included in the computation of net periodic pension cost, and (iii) the release of foreign currency translation adjustments.

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