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Consolidated Statements of Total Equity - USD ($)
$ in Millions
Total
Common stock
Additional paid in capital
Retained earnings
Accumulated other comprehensive (loss) income
[1]
Treasury stock
Total parent shareholders' equity
Non-controlling interest
Balance at Dec. 31, 2019 $ 2,122 $ 103 $ 1,329 $ 2,284 $ (449) $ (1,158) $ 2,109 $ 13
Balance, shares at Dec. 31, 2019   103,000,000            
Comprehensive Income:                
Net income 188     187     187 1
Foreign currency translation 97       96   96 1
Pension liability 6       6   6  
Balance at Dec. 31, 2020 2,423 $ 103 1,329 2,471 (347) (1,147) 2,409 14
Comprehensive Income:                
Comprehensive income 291           289 2
Stock-based compensation 11     1   10 11  
Dividends paid to non-controlling interest on subsidiary shares (1)             (1)
Balance at Dec. 31, 2020 2,423 $ 103 1,329 2,471 (347) (1,147) 2,409 14
Balance, shares at Dec. 31, 2020   103,000,000            
Comprehensive Income:                
Net income 437     435     435 2
Foreign currency translation (86)       (87)   (87) 0
Pension liability 26       26   26  
Balance at Dec. 31, 2021 2,648 $ 103 1,329 2,742 (408) (1,133) 2,633 15
Comprehensive Income:                
Comprehensive income 377           375 2
Stock-based compensation 15         15 15  
Cash dividends declared (165)     (165)     (165)  
Dividends paid to non-controlling interest on subsidiary shares (1)             1
Balance at Dec. 31, 2021 $ 2,648 $ 103 1,329 2,742 (408) (1,133) 2,633 15
Balance, shares at Dec. 31, 2021 87,500,000 103,000,000            
Comprehensive Income:                
Net income $ 425     423     423 2
Foreign currency translation (136)       (134)   (134) (1)
Pension liability 20       (20)   20  
Balance at Dec. 31, 2022 2,626 $ 91 1,113 2,310 (522) (379) 2,613 13
Comprehensive Income:                
Comprehensive income 309           309 0
Retired and repurchased shares $ (115) $ (11) (216) (631)   744 (115)  
Retired and repurchased shares, shares 1,440,572 (11,000,000)            
Stock-based compensation $ 10         10 10  
Cash dividends declared (224)     (224)     (224)  
Dividends paid to non-controlling interest on subsidiary shares (2)             (2)
Balance at Dec. 31, 2022 $ 2,626 $ 91 $ 1,113 $ 2,310 $ (522) $ (379) $ 2,613 $ 13
Balance, shares at Dec. 31, 2022 86,200,000 91,000,000            
[1] See Note 14 for further details – includes tax effects where applicable.