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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Shareholders' Equity |
Shareholders' Equity | 10. Shareholders’ Equity Accumulated Other Comprehensive Loss The following table presents the changes in Accumulated other comprehensive loss, excluding noncontrolling interests: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gain |  | Gain |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | (Loss) on Foreign | ​ | (Loss) on | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Foreign | ​ | Exchange | ​ | Interest Rate | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Currency | ​ | Contracts | ​ | Swaps | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Translation | ​ | Designated as | ​ | Designated as | ​ | Employee | ​ | ​ | ​
​ | ​ | Adjustment and | ​ | Net Investment | ​ | Cash Flow | ​ | Benefit Plan | ​ | ​ | ​
(thousands) | ​ | Other, Net | ​ | Hedges, Net | ​ | Hedges, Net | ​ | Items, Net | ​ | Total
Balance as of December 31, 2021 | ​ | $ | (192,939) | ​ | $ | 11,332 | ​ | $ | (809) | ​ | $ | (9,241) | ​ | $ | (191,657)
Other comprehensive income (loss) before reclassifications (a) | ​ |  | (228,303) | ​ |  | 15,474 | ​ |  | 25,937 | ​ |  | 17,245 | ​ |  | (169,647)
Amounts reclassified into income | ​ |  | (1,469) | ​ |  | (6,695) | ​ |  | 2,727 | ​ |  | 1,479 | ​ |  | (3,958)
Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2022 | ​ |  | (229,772) | ​ |  | 8,779 | ​ |  | 28,664 | ​ |  | 18,724 | ​ |  | (173,605)
Balance as of December 31, 2022 | ​ |  | (422,711) | ​ |  | 20,111 | ​ |  | 27,855 | ​ |  | 9,483 | ​ |  | (365,262)
Other comprehensive income (loss) before reclassifications (a) | ​ |  | 72,949 | ​ |  | (2,276) | ​ |  | 585 | ​ |  | (1,011) | ​ |  | 70,247
Amounts reclassified into income | ​ |  | 720 | ​ |  | (5,676) | ​ |  | 2,198 | ​ |  | (266) | ​ |  | (3,024)
Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2023 | ​ |  | 73,669 | ​ |  | (7,952) | ​ |  | 2,783 | ​ |  | (1,277) | ​ |  | 67,223
Balance as of December 31, 2023 | ​ | $ | (349,042) | ​ | $ | 12,159 | ​ | $ | 30,638 | ​ | $ | 8,206 | ​ | $ | (298,039)
(a) | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $21.2 million and ($21.6) million for 2023 and 2022, respectively.
Common Stock Outstanding Activity The following table sets forth the activity in the number of shares outstanding: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Common
​ | ​ | Common | ​ | Treasury | ​ | Stock
(thousands) | ​ | Stock Issued | ​ | Stock | ​ | Outstanding
Common stock outstanding at December 31, 2020 |  | 125,424 |  | 50,581 |  | 74,843
Shares issued for stock-based compensation awards |  | — |  | (945) |  | 945
Repurchases of common stock |  | — |  | 7,722 |  | (7,722)
Common stock outstanding at December 31, 2021 |  | 125,424 |  | 57,358 |  | 68,066
Shares issued for stock-based compensation awards |  | — |  | (525) |  | 525
Repurchases of common stock |  | — |  | 9,342 |  | (9,342)
Common stock outstanding at December 31, 2022 |  | 125,424 |  | 66,175 |  | 59,249
Shares issued for stock-based compensation awards |  | — |  | (653) |  | 653
Repurchases of common stock |  | — |  | 6,091 |  | (6,091)
Retirement of treasury shares | ​ | (67,733) | ​ | (67,733) | ​ | —
Common stock outstanding at December 31, 2023 |  | 57,691 |  | 3,880 |  | 53,811
​ During the year ended December 31, 2023, the company retired 67.7 million shares of treasury stock with a cost of $5.1 billion. The company has 2.0 billion authorized shares of serial preferred stock with a par value of one dollar. There were no shares of serial preferred stock outstanding at December 31, 2023 and 2022. Share-Repurchase Programs The following table shows the company’s share-repurchase programs as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Approximate
​ | ​ | ​ | ​ | ​ | ​ | Dollar Value of
​ | ​ | Dollar Value | ​ | Dollar Value of | ​ | Shares that May
​ | ​ | Approved for | ​ | Shares | ​ | Yet be Purchased
Share-Repurchase Details by Month of Board Approval (thousands) | ​ | Repurchase | ​ | Repurchased | ​ | Under the Program
July 2021 | ​ | $ | 600,000 | ​ | $ | 600,000 | ​ | $ | —
December 2021 | ​ |  | 600,000 | ​ |  | 600,000 | ​ |  | —
September 2022 | ​ |  | 600,000 | ​ |  | 600,000 | ​ |  | —
January 2023 | ​ | ​ | 1,000,000 | ​ | ​ | 423,846 | ​ | ​ | 576,154
Total (a) | ​ | $ | 2,800,000 | ​ | $ | 2,223,846 | ​ | $ | 576,154
(a) | The dollar value of shares repurchased includes an accrual of $6.6 million for excise taxes during 2023 which is recorded within “Treasury Stock” on the company’s consolidated balance sheets.
​ The company repurchased 6.1 million shares and 9.3 million shares of common stock for $745.9 million and $1.0 billion, in 2023 and 2022, respectively, under the share-repurchase program excluding excise taxes. On January 31, 2023, the company’s Board of Directors approved a $1.0 billion increase to the company’s share-repurchase program. As of December 31, 2023, approximately $576.2 million remained available for repurchase under the share-repurchase program. The company’s share-repurchase program does not have an expiration date.

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