Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

14. Shareholders’ Equity

The number of shares outstanding as of December 31, 2023 was 82,642,524. During 2023, the Company has retired 3,671,252 shares.

DIVIDENDS	2023		2022		2021
Cash dividend paid per share	$	2.66	$	2.58	$	1.88
Cash dividend declared per share	$	2.66	$	2.58	$	1.88

OTHER COMPREHENSIVE LOSS / ENDING BALANCE1) (Dollars in millions)	2023			2022
Cumulative translation adjustments	$	(466	)	$	(492	)
Net pension liability		(30	)		(30	)
Total (ending balance)	$	(496	)	$	(522	)
Deferred taxes on the pension liability	$	10		$	9

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

Cumulative translation effects of $12 million related to liquidated entities during 2023 have been recycled and reported as part of the net change of cumulative translation adjustment in the Comprehensive income statement and Equity statement.

SHARE REPURCHASE PROGRAM

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 2023 the Company repurchased and retired 3,671,252 shares for approximately $352 million. During 2022 the Company repurchased and retired 1,440,572 shares for approximately $115 million. In total, the Company has repurchased and retired 5,111,824 shares for approximately $467 million under the new stock repurchase program as of December 31, 2023.