Stockholders' Equity Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity, Attributable to Parent [Abstract]

The following table summarizes the share repurchases under the 2022 Share Repurchase Program and the 2021 Share Repurchase Program.


	2022 Share Repurchase Program			2021 Share Repurchase Program
	Shares	Amounts(1)		Shares	Amounts(1)
	(in millions)

Shares repurchased in 2022:
First quarter	—	$	—	1.3	$	100
Second quarter	—	—		5.3	490
Third quarter	—	—		6.1	532
Fourth quarter	—	—		2.2	223
Total shares repurchased in 2022	—	—		14.9	1,345
Shares repurchased as of December 31, 2022	—	$	—	14.9	$	1,345
Shares repurchased in 2023:
First quarter	—	$	—	1.1	$	75
Second quarter	0.8	50		1.2	80
Third quarter	1.9	150		—	—
Fourth quarter	2.9	225		—	—
Total shares repurchased in 2023	5.6	425		2.3	155
Shares repurchased as of December 31, 2023	5.6	$	425	17.2	$	1,500

______________________________________________________________________________

(1)As defined in the share repurchase programs, amounts reflect the price paid for the shares of common stock repurchased, excluding commissions paid to brokers and excise taxes.

Schedule of Stockholders Equity

Changes in common shares outstanding are as follows:


	Year ended December 31,
	2023	2022	2021
Beginning balance	195,604,404	207,575,978	213,954,858
Exercise of stock options	39,106	2,475,550	1,806,940
Issuance of restricted stock(1)	664,200	740,025	643,882

Purchase of treasury shares(2)	(8,119,309)	(15,187,149)	(8,829,702)
Ending balance	188,188,401	195,604,404	207,575,978

_______________________________________________________________________________

(1)Includes shares issued from treasury.

(2)Consists of shares repurchased under share repurchase programs and shares withheld to pay employee tax obligations upon the vesting of restricted stock or the exercise of stock options.

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows:


	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Derivatives		Defined Benefit Plans		Accumulated Other Comprehensive Loss
	(in millions)
Balance as of December 31, 2020	$	(144)	$	4	$	(180)	$	(320)


Gain arising during the period	—		—		67		67

Reclassification to earnings(1)	—		—		12		12

Effect of exchange rate changes and deferred taxes	3		—		(19)		(16)
Balance as of December 31, 2021	$	(141)	$	4	$	(120)	$	(257)




Gain arising during the period	—		—		55		55
Reclassification to earnings(1):
Settlement loss	—		—		21		21
Curtailment gains	—		—		(4)		(4)
Other	—		(1)		4		3
Effect of exchange rate changes and deferred taxes	(38)		—		(10)		(48)
Balance as of December 31, 2022	$	(179)	$	3	$	(54)	$	(230)



Loss arising during the period	—		—		(6)		(6)
Reclassification to earnings(1)	—		—		(1)		(1)





Effect of exchange rate changes and deferred taxes	33		—		(5)		28
Balance as of December 31, 2023	$	(146)	$	3	$	(66)	$	(209)

_______________________________________________________________________________

(1) Reclassifications out of accumulated other comprehensive loss to the consolidated statements of operations were not material.