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Shareholders' Deficit | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Shareholders' Deficit | 8. Shareholders’ Deficit The Company had 101.2 million, 99.2 million, and 97.9 million common shares outstanding as of December 31, 2024, 2023, and 2022, respectively. In December 2004, the Company authorized 7.5 million preference shares at $0.002 par value. The 7.5 million authorized preference shares remained unissued as of December 31, 2024. Preference shares may be issued from time to time in one or more series, each of such series to have such voting powers (full or limited or without voting powers), designations, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions as determined by the Company’s board of directors. Dividends The Company has not declared or paid cash dividends since 2014. The declaration of future dividends is subject to the discretion of the Company’s board of directors and will depend upon various factors, including its earnings, financial condition, Herbalife Ltd.’s available distributable reserves under Cayman Islands law, restrictions imposed by the 2024 Credit Facility and the terms of any other indebtedness that may be outstanding, cash requirements, future prospects and other factors deemed relevant by its board of directors. Share Repurchases On February 9, 2021, the Company’s board of directors authorized a three-year $1.5 billion share repurchase program which had approximately $985.5 million of remaining authorized capacity prior to the share repurchase program expiring on February 9, 2024. This share repurchase program allowed the Company, which included an indirect wholly-owned subsidiary of Herbalife Ltd., to repurchase the Company’s common shares at such times and prices as determined by management, as market conditions warranted, and to the extent Herbalife Ltd.’s distributable reserves were available under Cayman Islands law. The 2024 Credit Facility permits the Company to repurchase its common shares as long as no default or event of default exists and other conditions, such as specified consolidated leverage ratios, are met. During the years ended December 31, 2024 and 2023, the Company did no t repurchase any of its common shares through open-market purchases. During the year ended December 31, 2022, the Company repurchased approximately 3.7 million of its common shares through open-market purchases at an aggregate cost of approximately $131.8 million, or an average cost of $35.73 per share, and subsequently retired these shares. The number of shares issued upon vesting or exercise for certain restricted stock units and SARs granted pursuant to the Company’s share-based compensation plans is net of the statutory withholding requirements that the Company pays on behalf of its employees. Although shares withheld are not issued, they are treated as common share repurchases in the Company’s consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. These shares do not count against the authorized capacity under the Company’s share repurchase program described above. During the years ended December 31, 2024, 2023, and 2022, the Company withheld shares on its vested restricted stock units and exercised SARs relating to its share-based compensation plans. The Company reflects the aggregate purchase price of its common shares repurchased as an increase to shareholders’ deficit. The Company generally allocates the purchase price of the repurchased shares to accumulated deficit, common shares, and additional paid-in capital, with the exception of treasury shares, which were recorded separately on the Company’s consolidated balance sheets. For the years ended December 31, 2024, 2023, and 2022, the Company’s share repurchases, inclusive of transaction costs, were zero, zero, and $131.8 million, respectively, under the Company’s share repurcha se programs, and $8.3 million, $11.0 million, and $14.9 million, respectively, due to shares withheld for tax purposes related to the Company’s share-based compensation plans. For the years ended December 31, 2024, 2023, and 2022, the Company’s total share repurchases, including shares withheld for tax purposes, were $8.3 million, $11.0 million, and $146.7 million, respectively, and have been recorded as an increase to shareholders’ deficit within the Company’s consolidated balance sheets. Accumulated Other Comprehensive Loss The following table summarizes changes in accumulated other comprehensive loss by component during the years ended December 31, 2024, 2023, and 2022:
|  | Changes in Accumulated Other Comprehensive Loss by Component |
|  | Foreign Currency Translation Adjustments |  |  | Unrealized (Loss) Gain on Derivatives |  |  | Total |
|  | (in millions) |
Balance as of December 31, 2021 |  | $ | (211.6 | ) |  | $ | (0.2 | ) |  | $ | (211.8 | )
Other comprehensive loss before reclassifications, net of tax |  |  | (36.6 | ) |  |  | (4.8 | ) |  |  | (41.4 | )
Amounts reclassified from accumulated other comprehensive loss to income, net of tax(1) |  |  | — |  |  |  | 3.0 |  |  |  | 3.0 |
Total other comprehensive loss, net of reclassifications |  |  | (36.6 | ) |  |  | (1.8 | ) |  |  | (38.4 | )
Balance as of December 31, 2022 |  |  | (248.2 | ) |  |  | (2.0 | ) |  |  | (250.2 | )
Other comprehensive income (loss) before reclassifications, net of tax |  |  | 17.6 |  |  |  | (7.7 | ) |  |  | 9.9 |
Amounts reclassified from accumulated other comprehensive loss to income, net of tax(1) |  |  | — |  |  |  | 8.3 |  |  |  | 8.3 |
Total other comprehensive income, net of reclassifications |  |  | 17.6 |  |  |  | 0.6 |  |  |  | 18.2 |
Balance as of December 31, 2023 |  |  | (230.6 | ) |  |  | (1.4 | ) |  |  | (232.0 | )
Other comprehensive (loss) income before reclassifications, net of tax |  |  | (51.7 | ) |  |  | 13.0 |  |  |  | (38.7 | )
Amounts reclassified from accumulated other comprehensive loss to income, net of tax(1) |  |  | — |  |  |  | (0.7 | ) |  |  | (0.7 | )
Total other comprehensive (loss) income, net of reclassifications |  |  | (51.7 | ) |  |  | 12.3 |  |  |  | (39.4 | )
Balance as of December 31, 2024 |  | $ | (282.3 | ) |  | $ | 10.9 |  |  | $ | (271.4 | )
(1) See Note 2, Basis of Presentation, and Note 11, Derivative Instruments and Hedging Activities, for information regarding the location within the consolidated statements of income of gains (losses) reclassified from accumulated other comprehensive loss to income during the years ended December 31, 2024, 2023, and 2022. Other comprehensive income (loss) before rec lassifications was net of tax benefit of $4.3 million for foreign currency translation adjustments for the year ended December 31, 2024. Other comprehensive income (loss) before reclassifications was net of tax expense of $1.3 million for foreign currency translation adjustments for the year ended December 31, 2023. Amounts reclassified from accumulated other comprehensive loss to income was net of tax benefit of $0.2 million for unrealized gain (loss) on derivatives for the year ended December 31, 2023. Other comprehensive income (loss) before reclassifications was net of tax expense of $1.1 million for foreign currency translation adjustments for the year ended December 31, 2022.

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