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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2024
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, 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)
Other comprehensive income (loss) before reclassifications (a) | ​ |  | (222,489) | ​ |  | 12,996 | ​ |  | (685) | ​ |  | 5,027 | ​ |  | (205,151)
Amounts reclassified into income | ​ |  | (317) | ​ |  | (5,137) | ​ |  | (452) | ​ |  | (173) | ​ |  | (6,079)
Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2024 | ​ |  | (222,806) | ​ |  | 7,859 | ​ |  | (1,137) | ​ |  | 4,854 | ​ |  | (211,230)
Balance as of December 31, 2024 | ​ | $ | (571,848) | ​ | $ | 20,018 | ​ | $ | 29,501 | ​ | $ | 13,060 | ​ | $ | (509,269)
(a) | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $(52.9) million and $21.2 million for 2024 and 2023, 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, 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 stock | ​ | (67,733) | ​ | (67,733) | ​ | —
Common stock outstanding at December 31, 2023 |  | 57,691 |  | 3,880 |  | 53,811
Shares issued for stock-based compensation awards |  | 375 |  | (75) |  | 450
Repurchases of common stock |  | — |  | 2,089 |  | (2,089)
Retirement of treasury stock | ​ | (2,474) | ​ | (2,474) | ​ | —
Common stock outstanding at December 31, 2024 |  | 55,592 |  | 3,420 |  | 52,172
​ During the year ended December 31, 2024, the company retired 2.5 million shares of treasury stock with a cost of $228.8 million. 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 million 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, 2024 and 2023. Share-Repurchase Programs The following table shows the company’s share-repurchase programs as of December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | 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
September 2022 | ​ | $ | 600,000 | ​ | $ | 600,000 | ​ | $ | —
January 2023 | ​ | ​ | 1,000,000 | ​ | ​ | 675,937 | ​ | ​ | 324,063
Total | ​ | $ | 1,600,000 | ​ | $ | 1,275,937 | ​ | $ | 324,063
​ The company repurchased 2.0 million shares and 6.1 million shares of common stock for $250.0 million and $745.9 million, in 2024 and 2023, respectively, under the share-repurchase program excluding excise taxes. During 2024, the company accrued $2.1 million of excise tax, which is recorded within “Treasury stock” on the company’s consolidated balance sheets and reduces the share-repurchase authorization, as the excise tax is a part of the overall cost of acquiring treasury shares. As of December 31, 2024, approximately $324.1 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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