Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity

14. Shareholders’ Equity

The number of shares outstanding as of December 31, 2022 was 86,187,746.

DIVIDENDS	2022		2021		2020
Cash dividend paid per share	$	2.58	$	1.88	$	0.62
Cash dividend declared per share	$	2.58	$	1.88	$	—

OTHER COMPREHENSIVE LOSS / ENDING BALANCE1) (Dollars in millions)	2022			2021			2020
Cumulative translation adjustments	$	(492	)	$	(355	)	$	(269	)
Net pension liability		(30	)		(52	)		(78	)
Total (ending balance)	$	(522	)	$	(408	)	$	(347	)
Deferred taxes on the pension liability	$	9		$	15		$	23

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

SHARE REPURCHASE PROGRAM

On December 31, 2021, the stock repurchase program authorized by the Board of Directors in 2014 expired with approximately 3 million shares remaining. 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.

During 2022, the Company repurchased and immediately retired 1,440,572 shares for approximately $115 million.