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SHAREHOLDERS' INTEREST
12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' INTEREST

NOTE 14: SHAREHOLDERS’ INTEREST

This note provides details about:

 

preferred and preference shares,

common shares,

share repurchase programs and

accumulated other comprehensive loss.

PREFERRED AND PREFERENCE SHARES

We had no preferred shares or preference shares outstanding as of December 31, 2023 or December 31, 2022. We have authorization to issue 7 million preferred shares with a par value of $1.00 per share and 40 million preference shares with a par value of $1.00 per share.

COMMON SHARES

The number of common shares we have outstanding changes when:

 

new shares are issued,

stock options are exercised,

restricted stock units or performance share units vest,

stock equivalent units are settled in common shares,

shares are tendered,

shares are repurchased or

shares are canceled.

Reconciliation of Our Common Share Activity

 

SHARES IN THOUSANDS

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

Outstanding at beginning of year

 

 

732,794

 

 

 

747,301

 

 

 

747,385

 

Stock options exercised

 

 

233

 

 

 

509

 

 

 

1,849

 

Issued for vested restricted stock units

 

 

609

 

 

 

676

 

 

 

635

 

Issued for vested performance share units

 

 

172

 

 

 

291

 

 

 

162

 

Repurchased

 

 

(4,055

)

 

 

(15,983

)

 

 

(2,730

)

Outstanding at end of year

 

 

729,753

 

 

 

732,794

 

 

 

747,301

 

SHARE REPURCHASE PROGRAMS

On September 22, 2021, we announced that our board of directors approved a new share repurchase program (the 2021 Repurchase Program) under which we are authorized to repurchase up to $1 billion of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program).

We repurchased 4,054,952 common shares for approximately $125 million (including transaction fees) under the 2021 Repurchase Program during 2023. As of December 31, 2023, we had remaining authorization of $252 million for future share repurchases.

During 2022, we repurchased 15,983,097 common shares for approximately $550 million (including transaction fees) under the 2021 Repurchase Program.

During 2021, we repurchased 780,228 common shares for approximately $26 million (including transaction fees) under the 2019 Repurchase Program and 1,949,496 common shares for approximately $74 million (including transaction fees) under the 2021 Repurchase Program.

All common stock repurchases under the 2019 Repurchase Program and 2021 Repurchase Program were made in open-market transactions. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability for repurchases that have not yet been settled as of period end. There were 13,866 unsettled shares (approximately $1 million) as of December 31, 2023. There were 223,548 unsettled shares (approximately $7 million) as of December 31, 2022. There were no unsettled shares as of December 31, 2021.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in amounts included in our accumulated other comprehensive loss by component are:

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

Pension(1)

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(458

)

 

$

(720

)

 

$

(1,064

)

Other comprehensive (loss) income before reclassifications

 

 

(89

)

 

 

38

 

 

 

254

 

Amounts reclassified from accumulated other comprehensive loss
to earnings
(2)(3)

 

 

32

 

 

 

224

 

 

 

90

 

Total other comprehensive (loss) income

 

 

(57

)

 

 

262

 

 

 

344

 

Balance at end of period

 

 

(515

)

 

 

(458

)

 

 

(720

)

Other post-employment benefits(1)

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

20

 

 

 

(2

)

 

 

(12

)

Other comprehensive income before reclassifications

 

 

3

 

 

 

19

 

 

 

6

 

Amounts reclassified from accumulated other comprehensive loss
to earnings
(2)

 

 

1

 

 

 

3

 

 

 

4

 

Total other comprehensive income

 

 

4

 

 

 

22

 

 

 

10

 

Balance at end of period

 

 

24

 

 

 

20

 

 

 

(2

)

Translation adjustments and other

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

191

 

 

 

243

 

 

 

254

 

Translation adjustments

 

 

7

 

 

 

(52

)

 

 

(11

)

Total other comprehensive income (loss)

 

 

7

 

 

 

(52

)

 

 

(11

)

Balance at end of period

 

 

198

 

 

 

191

 

 

 

243

 

Accumulated other comprehensive loss, end of period

 

$

(293

)

 

$

(247

)

 

$

(479

)

 

(1)

Amounts are presented net of tax.

(2)

Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost. See Note 8: Pension and Other Post-Employment Benefit Plans.

(3)

Amounts include settlement charges totaling $205 million related to our pension plans for the year ended December 31, 2022. There were no settlement charges related to our pension plans for the years ended December 31, 2023 and December 31, 2021. See Note 8: Pension and Other Post-Employment Benefit Plans for further detail.