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Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Shareholders' Equity

15. Shareholders’ Equity

The number of shares outstanding as of December 31, 2024 was 77,712,479. During 2024, the Company has repurchased and retired 5,052,938 shares. In addition, the Company also retired 2,000,000 shares from Treasury stock in December 2024.

 

DIVIDENDS

 

2024

 

 

2023

 

 

2022

 

Cash dividend paid per share

 

$

2.74

 

 

$

2.66

 

 

$

2.58

 

Cash dividend declared per share

 

$

2.74

 

 

$

2.66

 

 

$

2.58

 

 

 

 

OTHER COMPREHENSIVE LOSS / ENDING BALANCE1) (Dollars in millions)

 

2024

 

 

2023

 

Cumulative translation adjustments

 

$

(629

)

 

$

(466

)

Net pension liability

 

 

(31

)

 

 

(30

)

Total (ending balance)

 

$

(659

)

 

$

(496

)

 

 

 

 

 

 

 

Deferred taxes on the pension liability

 

$

10

 

 

$

10

 

 

1) The components of Other Comprehensive Loss are net of any related income tax effects.

Cumulative translation gains of $1 million and $12 million related to liquidated entities during 2024 and 2023 have been recycled and reported as part of the net change of cumulative translation adjustment in the Comprehensive income statement and Equity statement.

SHARE REPURCHASE PROGRAM

In November 2021, the Board of Directors approved a new stock repurchase program that authorizes the Company to repurchase up to $1.5 billion or up to 17 million shares (whichever comes first) between January 2022 and the end of 2024. In November 2024, the Board of Directors approved the extension of this stock repurchase program through the end of 2025.

During 2024 the Company repurchased and retired 5,052,938 shares for approximately $552 million. During 2023 the Company repurchased and retired 3,671,252 shares for approximately $352 million. During 2022 the Company repurchased and retired 1,440,572 shares for approximately $115 million. In total, the Company has repurchased 10,164,762 shares under the new stock repurchase program as of December 31, 2024.